Choosing To Change Your Finances

Signs That You Should Start Considering Bankruptcy

by Luis Hawkins

It is not always easy to seek help when you need it, but seeking help is the only option in some cases. If you are currently experiencing financial problems and are ready to get help, you should consider bankruptcy. If you are not sure if this is a good option, see how many of the following signs you can relate too, as these are red flags that tell you that you need help.

Creditors Are Calling

Are you scared to look at your phone each time it rings? Are most of your phone calls from creditors? Creditors will continue calling you until you pay your past due debts, which can be frustrating and overwhelming. If you cannot take the phone calls any longer, you should seek help. Having creditors calling you all the time is a red flag that you should not ignore.

You Skip Payments

Another red flag to watch for is skipping payments. If you were making minimum payments but cannot even make these any longer, it's a sign that you need help. When you begin skipping payments, your financial situation will only get worse if you ignore it by doing nothing. You must act when this happens, and a great place to begin is by contacting a bankruptcy law firm.

Your Entire Paycheck Goes Towards Bills

If you must use your entire paycheck to pay your bills, this is another red flag. Your whole paycheck should not have to go towards your bills. If you use it all, then you have no money left for other things that you must buy. If you have no money left for gas and groceries, how will you pay for these things? Many people will use their credit cards to pay for them. Eventually, though, you may run out of available credit. At that point, you will have no way to pay for the extra things you need.

You Are Losing Sleep Over Your Financial Problems

One more red flag is losing sleep over your financial problems. If you cannot sleep because you are constantly thinking about your finances and worrying about them, you need help. Financial problems can lead to insomnia, depression, anxiety, and other emotional issues. The only way to solve these issues is by seeking help.

If you are convinced that you need help, talk to a bankruptcy attorney. You do not have to file for bankruptcy if you call a lawyer, but you can learn more about it and other options.