For many people, filing for bankruptcy can be a scary consideration. At Utah Bankruptcy, our bankruptcy attorneys are here to help give you a realistic picture of your situation and advise you on whether the time might be right to file for bankruptcy. In plenty of cases, people will actively resist some of the signs that declaring bankruptcy might be the right move. Here are a few telltale signals that you should at least be considering filing.
Paycheck to Paycheck
If you’re living paycheck to paycheck while making just minimum payments on your debt, and this has been going on regularly for some time, there’s a good chance bankruptcy might be for you.
Now, this has to be a true paycheck to paycheck situation – if you’re simply low on funds because you’re badly managing your income and spending on unnecessary things, that’s a whole other story. But if you’re taking a disciplined approach and doing everything you can to pay down debt without any success, it could be a red flag.
If you have bill collectors calling your phone and forcing you to ignore several calls a day, this could be another sign that you’re in deep. Are you remembering all your debt accounts, or overlooking some just based on the simple volume? None of these are good signs.
Credit Cards for Bills
If you find that you’re using the same credit cards every month simply to pay down other bills, this is a clear sign that you’re in trouble. All you’re really doing in this case is adding to your eventual interest payments – adding debt to debt.
Behind on Mortgage
If there’s a real possibility that you could lose your home due to falling behind on your mortgage payments, this is another clear sign that bankruptcy might be your best option. If you’ve gotten too far behind, in fact, there might not be another realistic option. Your home is a vital asset that you want to hold onto at all costs, even if it means declaring bankruptcy.
For more on telltale signs that it might be time for bankruptcy, or to speak to a bankruptcy lawyer about your case, contact us at Utah Bankruptcy today.