Absent an objective accounting like a bankruptcy lawyer would do, here are some signs that maybe you should look closer at whether you are insolvent and need a bankruptcy.
You are raiding your retirement accounts such as 401Ks and IRAs.
You are only paying the minimum payment on your credit cards.
You are behind on rent or mortgage payments.
You are getting a lot of calls from debt collectors.
You are now taking urgent loans from your family or friends to bail yourself out.
You are going to legal loan sharks, aka “pay day lenders” like Cash Call.
Your credit has deteriorated. Signs are that you need a co-signer to get a loan.
You try and hide your credit card statement from your spouse.
You feel like your juggling and you often have anxiety about money.
You are denied additional credit when you apply for it.
You are using one credit card to pay another.
You have high credit card balances and you only use credit cards for your expenses rather than cash or ATM because you have to do that.
You are no longer offered “teaser” rates to pay off your higher interest accounts.
Your paycheck cannot come fast enough.
You don’t know how much you owe, but you know it is a lot.
Your credit card minimum payment is 15% or more of your net income.
You have been sued by a creditor or for a matter that you cannot afford to pay.
Your car or other vehicle has been repossessed.