Bankruptcy Warning Signs
Bankruptcy Attorney in Worcester
There are a number of financial warning signs that may indicate that you
bankruptcy as a method of debt relief. They include:
Foreclosure or repossession - Facing the
loss of your home or vehicle is a sign that you are significant financial trouble
- Maxing out credit cards or charging more than you are able to pay off -
It is advised that you use no more than 40% of your available credit at
any one time, as this gives you a safety net in the event of job loss,
illness, or divorce
- Lack of an emergency fund - If you live from paycheck to paycheck and are
unable to accumulate savings for emergencies, you may want to consider
- Lack of health insurance or adequate coverage - Medical bills brought about
from sudden accidents or illnesses are a factor in one in five bankruptcies
Paying only the minimum balance on your credit cards - Paying the minimum
balance on a credit card can translate to 20 or 30 years of payments before the
credit card is paid off. If you are only able to pay the minimum balance, it is likely
that your financial situation is unviable
At The Law Office of Robert W. Kovacs, JR., we have assisted many individuals
and their families through bankruptcy, and we are familiar with the warning
signs that indicate that someone may be close to bankruptcy. If you believe
that bankruptcy may be your only option, contact a
Worcester bankruptcy attorney at our firm today. We will provide you with the advice and information
you need to make an informed decision in your case.
Acting Quickly in Your Bankruptcy Case
If you have recognized that your financial situation has become untenable,
it is important that you take action to correct it now, rather than waiting
to see if it gets better. In pursuing bankruptcy immediately, you will
likely have a swifter and easier
filing process than if you had waited for your financial situation to become even worse.
Being proactive about your finances will increase your chances of becoming
debt free in a reasonable amount of time. Remember, we are here to help!
If you are experiencing the warning signs of serious financial struggle, contact a Worcester bankruptcy attorneyright away for help.