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.
Mary Pool is a shareholder of the Bond & Botes Law Offices in Montgomery and Opelika, Alabama. She holds a Bachelor of Science from Auburn University at Montgomery, and a Juris Doctorate from Faulkner University’s Jones School of Law. She has represented thousands of clients over her more than 11 years working in the bankruptcy field. Read her full bio here.