A Free Consultation with a Bankruptcy Lawyer May be the Right Choice
Posted on January 25, 2012
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No one wants to think about bankruptcy. Since our young days of playing Monopoly, it all comes down to money. Those with it have control. But what if money has caused you to spiral out of control? There are certain times when it may be in your best financial interest to file for bankruptcy.
If you see these indicators in your financial life, it is probably time to seriously consider filing for bankruptcy, or at the very least consulting a lawyer to talk about your options. Take action as quickly as possible, if this is true for you. You will benefit from taking action, but will only benefit from it being taken quickly.
1. You are Extremely Stressed
You are actually losing sleep and stressed about your current financial status. Stress over money is always an indicator of financial problems, it is a natural reaction. Not enough money and the indications of it psychologically are not something to ignore. They are usually the first signs of financial disorder.
2. You Can’t Pay More Than Your Monthly Payments
You are unable to pay more than your monthly minimums on credit card debts. This can build up slowly sometimes, but once you are only paying minimums, there is a problem. The interest rates alone are racking up painfully large debt every monthly billing cycle. Do not ignore this, it is an important warning sign.
3. You’ve Had a Massive Loss in Income
You have had a major loss of income recently, either from a losing a job or other expenses. Medical bills, accidents or lawsuits can suddenly drain the finances of any household. This is something that should immediately indicate that you need financial advice or assistance. Major and sudden debts can be destructive financially.
4. You are Taking out Cash Advances
You are taking cash advances, payday loans or other high interest ways to pay for your current debts. If you are already doing this, you should seek out advice and assistance with your finances. Rarely do these type of loans succeed in paying off major debts. They often incur even greater and more substantial debt, even more quickly.
5. You are Unable to Keep up With Necessary Expenses
You are not able to meet your monthly expenses for basic necessities, such as food, shelter, and transportation. If this is true, then you need to seek out help immediately. Do not start using credit cards to pay for necessities and substitute these for cash. This will quickly cause a financial downward spiral that is impossible to escape. This is a signal of financial distress.
6. You are Falling Far Behind
You are behind by more than one full monthly payment on your home mortgage. Once you reach this point financially, you are already well beyond needing assistance. Do not ignore this symptom of financial crisis, it is usually the last one in a chain of warning signals and is a clear indication that bankruptcy maybe an option.
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