There are times when people are so overwhelmed by their debts, jobs, family problems or any other type of problem that they may not actually step aside and take a good look at their financial situation. These people want/tend to think that everything will be ok next month, or if only X happens then everything will be fine. Sometimes though, everything is not fine and people need to take actions to fix it. Here are some signs that a person may need to file for bankruptcy.
- You are paying all of your expenses via a credit card. Typically we see people who are paying everything they can including utilities, food, gas, car payments, insurance payments, etc. all through the credit card.
- You are currently collecting unemployment or have been out of work for a period of six months or longer. Debtors who have been unemployed for a significant period of time have an easier time qualifying for a Chapter 7 bankruptcy.
- You continually only pay the minimum on your credit cards. If you are only paying the minimum on your credit cards it will be many years before you begin to actually pay down the debt. You are basically stuck in the black hole of paying interest on interest.
- At your current situation you are unable to actually save any money. All your money is used to pay the minimums on your maxed out credit cards.
- You are way behind on your mortgage and you will likely need to surrender your home.
- You have a wage garnishment or a judgment against you.
- Your bank accounts have been frozen.
If any of these warning signs are currently happening to you then consider bankruptcy. Shmucher Law, PL is a bankruptcy law firm in Miami, Florida. If you would like to schedule a free consultation to see if bankruptcy is an option for you then please call us at 954.309.5559 or 305.741.5553