Financial challenges can happen to anybody. When your ability to cope with your debts has become strained, bankruptcy may be the best option for true financial relief.
How do you tell, however, the difference between a temporary financial pinch and a financial disaster that you cannot overcome without some help?
Here are 4 signs that you should at least consider bankruptcy
Bankruptcy is nobody’s first option, but it is a viable source of economic relief when you have exhausted your other options. Some good indicators that it may be time to consider bankruptcy include:
- You are just shifting debt around. If you start pulling cash advances off of one credit card to pay another or you take out a loan against your car to pay the mortgage, you have stopped making any headway against your debts.
- You are experiencing creditor harassment. If you are afraid to open the mail or answer your phone because the bill collectors are getting increasingly hostile, the stress can be awful for your health.
- You are facing legal action. If you are facing potential legal action, such as foreclosure, repossession or lawsuits by creditors over unpaid bills, that is a clear indication that your financial situation has gotten out of control.
- You are using credit to pay for necessities. Credit cards should be something you rely on for emergencies and the occasional bigger purchase. If you are no longer able to meet your basic living expenses and find yourself putting groceries, gas and the utility bills on credit, your financial situation is unsustainable.
If you are worried about your debt and think that bankruptcy may be the right option, contact us at Quinn Law Firm on 866-641-8996 to discuss your legal needs.