Bankruptcy is not an option that many people like to consider, but for many, it is a tool to free them from financial hardships or grant them control in the situation. Hundreds of thousands of people file for bankruptcy every year because they were able to recognize the signs that it was time to apply for it. If you are worried about whether you should apply, here are some signs to look out for:
You dread going to the mailbox
For more people, going to get the mail just means sorting out the junk mail from the few pieces of actually relevant letters to open. For someone struggling with financial hardships, going to the mailbox means opening more “past due” notices.
You spent your savings
When someone is experiencing more expenses than income in a month, building a savings is impossible, and any savings they do have will soon vanish. While it may be one thing to lose your savings to a large and unexpected expense suddenly, if your savings have been gone for a long time and you cannot build it up, you may be experiencing serious financial hardship.
You are shuffling your credit card debt
Credit card debt has a way of piling up fast. If you suddenly find yourself unable to afford a credit card bill, paying the bill with another credit card may seem like a way of solving your problem. While this may take care of this month’s bill, it is only delaying a growing problem.
You are behind on your mortgage/rent
Financial hardship often means having to choose which bills you pay this month. When choosing which bills to pay eventually means that you are not paying for the home you live in; things may have gotten out of hand and require serious action to resolve things.
Do not ignore the signs
If you are experiencing financial situations like these or feel like your financial struggles are out of your control, now is the time to consult with a bankruptcy attorney. They can help you pursue the bankruptcy that is right for you and get your finances under control. There are many signs that you should consider bankruptcy, and it is in your best interest not to ignore them.