Facing Financial Difficulties? 5 Signs You Should Talk to a Bankruptcy Attorney
It's never easy to admit you're having financial difficulties. Unfortunately, once the creditors start hounding you at home and at work, you don't have a choice but to face the reality of the situation. When you've hit the bottom financially, and you've got nowhere to turn, bankruptcy may be your only option. Not sure if you're there yet? Here are five signs that your financial problems are pointing towards bankruptcy.
You've Maxed Out Your Credit Cards
If you've maxed out your credit cards over the past several months, you may be using your credit to cover bills that you can no longer afford. Unfortunately, by maxing out your credit cards, you've added to your financial problem.
You've Depleted Your Savings
If your once healthy savings account has been depleted to take care of living expenses, you're facing financial difficulties that you might not be able to get out of. This is particularly true if the use of your savings didn't pay off the debt you were facing.
You're Living Paycheck to Paycheck
If the income you make is no longer enough to keep up with your bills, and your paychecks are running out before you reach your next payday, you might be consumed by debt that you can't get out from under. This is particularly true if running out of money before payday has become a routine.
You're Behind on Your Payments
If you're behind on your payments, and you've got no way to catch up on them, you're facing a financial emergency. Once you're behind on your payments, your account begins to accrue interest penalties. Unfortunately, that means the amount you owe continues to increase at a significant rate each month. After just a few missed payments, you could be looking at an insurmountable debt.
You're Dependent on Payday Loans
If you've been taking payday loans out on a regular basis to keep current on your payments, you may be creating a financial disaster for yourself. The problem with payday loans is that they take away valuable income from your next paycheck, placing you in a never-ending cycle of loan repayment.
If you're stuck in a situation where your financial difficulties are getting deeper each month, you need to sit down with a bankruptcy attorney. Bankruptcy will allow you to get out from under your debt and give you the fresh start that you need to get back on your feet again.