Life is full of ups and downs — especially where your finances are concerned. A few missed days of work or a big repair bill for the car can easily have you pinching pennies for a while.
So, how do you know if this is just some temporary financial distress from which you’ll eventually recover or time to file for bankruptcy and get a fresh start?
Signs that your debts have become truly overwhelming
You may or may not be in a major crisis, but you may want to take note if any of the following apply to you:
- You’re buying groceries or paying the utility bills on credit. Credit is supposed to be for major purchases that you couldn’t otherwise afford — not necessities. If you don’t have the means to live on your paycheck, that’s a big problem.
- You’re scared to open the mail or answer the phone. If you have become really avoidant about the mail and unfamiliar callers on your phone because you just don’t want to explain to one more bill collector why you can’t pay what you owe, you’re probably in over your head.
- You’re paying one credit card with another. Shuffling the debts around doesn’t decrease them — ever. You’re probably just prolonging the inevitable.
- You’re in danger of losing your home or car. If you’ve started to miss payments on your home or fallen behind on the car note, that’s a major signal that you can’t continue under your present financial burdens.
If you’ve exhausted your mind looking for a way out of your financial situation and feel utterly tapped out, why continue? Bankruptcy protection is your legal right. People end up in this situation all the time for a multitude of reasons. Bankruptcy offers you a straightforward, responsible way to clear your debt and move forward.
