Debt is definitely something that is stressful. At times, it can be so overwhelming that you simply do not know how you will ever get a handle on it. When you are at this point, it could be time to consider bankruptcy.
Naturally, bankruptcy is not something you should take lightly. Instead, it should be carefully considered before making a final decision. To help make the decision-making process a bit simpler, here are some signs that it's time to consider bankruptcy.
Using One Credit Card to Pay Another
One of the dangers of this is that you are continually increasing the amount of interest you are paying each month. Also, eventually, you will run out of credit and be left without any credit and a huge payment.
Constant Calls from Debt Collectors
If you are struggling with the constant calls from debt collectors or are in the process of being sued by a collector, it may be time for you to consider bankruptcy.
Experienced a Severe Financial Crisis
One of the main reasons people wind up filing for bankruptcy is when they are dealt a bad hand and go through a major financial crisis. This could include going through a divorce, losing a spouse to death or even being let go from your job.
It will take longer than 5 Years to Pay Everything Off
When you look at what should be considered short-term debt and realize that it will take longer than 5 years to pay it off, it is possible that you may need to consider bankruptcy.
Home and Auto Payments Are Delinquent
A bankruptcy could help give you some breathing room when you are struggling to pay your necessary bills. If you are struggling to keep your home and auto payments current, this may be something you want to consider.
If you are struggling to pay your bills or get your debt under control, these are definitely things you will want to watch for. After you have determined that bankruptcy is the right answer for you, contact us. We will be able to help you get your life together and back on the right path.