Signs You May Need Bankruptcy
Helping Clients Achieve Financial Freedom
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
- 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
- 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 another vehicle has been repossessed.