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Bankruptcy is a viable solution to the burden of unmanageable debt that'll help restore your financial solvency and security. However, you should only consider this option when it's necessary, as the decision to file is a serious one. If you're unsure whether it would be in your best interest to file for bankruptcy, learn more about some common signs that it is below.

Is It Time for You to File for Bankruptcy?

1. You're Missing Minimum Payments

Every time you miss a payment, you'll need to make up that payment in the future and pay additional interest charges and late penalties. This situation can quickly get out of control, especially if you miss payments on multiple accounts for more than a month or two. Not being able to meet minimum payment obligations is a sign that your debt outweighs your income and bankruptcy may be the path to a fresh financial start.

2. You're Getting Calls From Creditors

file for bankruptcy

Creditors and bill collectors can be relentless in their attempts to obtain payment. They can call you at home or work, send registered letters, and even file lawsuits against you. If you spend a good part of each week dodging these messages, bankruptcy may be the lifeline you need. Once you file, creditors are required by law to cease all contact with you.

3. You're Living on Credit

Ideally, you should only charge on a credit card what you can afford to pay off in full when the bill arrives. However, in lean financial times, this can be a challenge. A credit card can be a source of instant cash when you're having a hard time making ends meet, but when you can't pay the balance in full regularly, debt and interest will increase. This is another sign that there's less money coming in than going out and bankruptcy might be the most logical next step.

 

If any of these scenarios sound familiar, contact Anderson Law Firm. For more than 20 years, Attorney Ron Anderson has been representing clients throughout the High Point, NC, area in Chapter 7 and Chapter 13 bankruptcy claims. No matter what your financial situation looks like, he can find a solution that'll improve your peace of mind and get you back on track. Call (336) 431-7336 to schedule a consultation today, or visit the firm's website to learn more about how they can help you.

The information contained in this site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. We are a Debt Relief Agency. We help people file for Bankruptcy Relief under the Bankruptcy Code.

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