Most people never imagine themselves in a position where they will need to file for bankruptcy, yet many people file each year. If you are struggling financially and need help getting out of debt, you might benefit by using bankruptcy. If you are not sure if you need to file for bankruptcy, look at the following signs. These four signs can indicate that you should consider bankruptcy for your bleak financial situation.
1. You Have No Available Credit Left
One sign that indicates financial trouble is maxed-out credit lines. If you have multiple credit cards but have no available credit, you likely need relief from your debts. Managing your finances is challenging when you rely on using your credit cards to pay bills. When you do this, you will eventually run out of available credit, leaving you with no options for paying your debts. If you have no available credit left on your credit lines, contact a bankruptcy lawyer for advice.
2. You Used All Your Savings
Next, people with extreme financial problems typically have no money left in their savings accounts. Do you have any money left, or did you use all of it? If you used all your savings and have no money on hand, you have nothing to fall back on when you need extra cash to pay your bills. If you are in this position, you might benefit from contacting a bankruptcy lawyer.
3. Your Phone Keeps Ringing
The next sign that indicates that you need help is if your phone keeps ringing due to creditors calling. Creditors are relentless when it comes to collecting money that people owe. Your creditors will not stop calling you if you tell them you have no money to use. Instead, they will keep calling until you pay your debts or file for bankruptcy.
4. You Cannot Pay Your Bills
If you reach a point where you cannot pay all your bills and have no money or credit to use, you should consider seeking help from a bankruptcy lawyer. Filing for bankruptcy with a lawyer is not difficult, yet it provides instant relief. After you file, your creditors will stop calling you. Filing for bankruptcy also provides the legal right to stop paying specific creditors.
These signs often indicate a financial dilemma that requires professional help. Bankruptcy is one of several options you can choose for relief, and you can learn more about it by contacting a bankruptcy law firm in your city.
To learn more, contact a bankruptcy attorney.Share