Choosing To Change Your Finances

Top 5 Signs You Might Want To Consider Bankruptcy

by Luis Hawkins

Bankruptcy might not be something you ever thought you would need to file, but there might come a time when you do. If you are struggling financially, bankruptcy could be a solution to your problems. If you are not sure if you should consider it, here are five signs that can help you know if bankruptcy is something you should consider filing at this time.

You Have Bill Collectors Calling

One sign that you are in financial trouble is that you are receiving calls all the time from bill collectors. If you are almost afraid to look at your phone when it rings, you should view this as a sign. You probably do not want to talk to bill collectors because you know that they want money that you just do not have at this time.

You Are Making Only Minimum Payments

When it comes to paying your bills, are you struggling to even pay minimum balances on your accounts? If so, this too is a sign of financial distress. Paying only the minimum balances will never help you get out of debt, and there might come a time in the near future when you cannot even afford to pay the minimum balances.

You Are Transferring Balances

Another sign to watch for is when you begin to transfer balances from one credit card to another just to avoid having to pay the minimum balance on the account this month. Are you always looking for a way to finagle your money around just to get you by for one more month? If so, bankruptcy could help.

You Use Credit Cards to Pay for Everything

The next sign of financial trouble is that you are using credit cards to pay for just about everything. In other words, does your entire paycheck go toward bills? If it does, then you will probably have no money left to pay for groceries, gas, and anything else that you need, and so you may be turning to credit cards just to pay for these basic necessities in life.

Your Debt Keeps Growing

Do you know how much you owe in all? If you do not know, you are not alone. Many people with financial problems do not ever add up what they owe because they really do not want to know. All they know is that their debt seems to keep growing instead of decreasing.

Do you relate to any of these signs, or maybe even all of them? If you do, you should consider seeking help. Call a business like Shuffield Bankruptcy Law to get professional help today.