A recent article on bankrate.com outlined 15 signs of serious debt trouble. If you recognize these signs with your financial struggles, it might be a good idea to meet with a bankruptcy attorney to discuss your financial options.
What Are the Signs?
- Are your credit card balance increasing and/or your income decreasing?
- Are you paying just the minimum amounts, or less, that is required on your debt repayments?
- Are you applying for other debt to make the minimum payments of existing debts? For example, are you applying for a payday loan to pay off another payday loan?
- Is the majority of your debt owed on credit cards?
- Are you fast approaching or at the credit limit of your credit cards?
- Are you charging more on credit than you are paying on debt each month?
- Are you having to work overtime to keep up with the minimum payments on your outstanding debts?
- Do you NOT know the total amount you owe on all debts?
- Have you received collection letters or phone calls?
- Are you using credit cards to buy necessities (i.e., groceries, gasoline)?
- Are you using credit cards when you do not have money?
- Are you dipping into your savings account to pay your bills?
- Are you hiding purchases from your spouse?
- Are you applying for new credit card offers when they come in the mail?
- Have you lost your job and are wondering how you are going to make ends meet?
A few that I would add to this list are:
- Have you received a notice that your wages or bank account is about to be garnished?
- Are you behind on your mortgage payments but can afford the mortgage payments going forward?
- Have you lost income in the household due to a death or divorce?
If you answered yes, to the majority of these questions, make an appointment today with a bankruptcy attorney to discuss your financial options. There is no obligation to file bankruptcy but instead the free consultation may be able to provide you with peace of mind and a workable solution for your current financial condition. At Bond & Botes, we offer a free consultation with one of our experienced attorneys.