Knowing When to Seek Protection in Bankruptcy
Most of us struggle financially at some point in our lives. Maybe we’ve taken on a big mortgage, only to get caught in cutbacks at work. Maybe we’ve been hurt or contracted an illness, incurring substantial medical bills or limiting our ability to work and meet our financial obligations. In many instances, it’s only temporary and we’ll get through it. Occasionally, though, we need a fresh start. What are the warning signs that our financial situation may require a bankruptcy filing?
Are You Experiencing Any of These Symptoms of Financial Distress?
Here are the most common indications that your financial woes are more than temporary:
- Late payments—If you’re behind on any significant payments, such as house, car, or utilities, you need to determine why and whether the situation is temporary or chronic. If it’s just once, you may be okay. If it happens more than twice in 12 months, you may want to seek input from a bankruptcy lawyer.
- Your credit card debt has gone up every month for more than six consecutive months—This is a clear sign that you’re spending more than you’re bringing in. The sooner you put an end to it, the better. Otherwise, you’re just digging the hole deeper.
- You are using credit cards to pay for basic needs—Unless you’re paying the credit cards off every month, you’re not living within your means.
- You’re using savings or retirement funds to pay for your day-to-day needs
- Foreclosure—You’ve received any type of foreclosure notice from your mortgage lender.
- Collection efforts—You’ve received more than one collection call or letter in the last 30 days, or you have ignored any collection call or letter.
Contact an Experienced Rockwall, TX Bankruptcy Attorney
At the Law Offices of Carrie Weir, all potential clients are entitled to a free initial consultation. To arrange an appointment to discuss your rights and options in bankruptcy, contact my office online or call 972-772-3083. I handle Texas personal bankruptcy filings in Kaufman County, Rockwall County, Collin County, Dallas County, Hunt County, and the surrounding counties.
