Friday, October 7, 2016

Three "Symptoms" Of Bankruptcy

Just like when you are coming down with a cold there are tell-tale symptoms, if you are in dire financial straits there will also be signs you should not ignore. Just like a cold can turn into the full blown flu or something worse if not treated, difficult finances can quickly spiral out of control if you do not take action. The “medication” that helps the most when money is tight is to buckle down and figure out how to eliminate some of your monthly obligations so your money is freed up to put towards necessities. One way to do this is to contact your lenders and see if they will lower your interest rates or will rewrite your loan and another option is to try and take out a consolidation loan so you only have one lump payment a month to make towards all of your debts. But a second choice also exists, and it is by filing bankruptcy.

Bankruptcy will eliminate certain debts, and will also put a stop to harassing collection calls and letters. If you are not sure you need bankruptcy, here are three “symptoms” to be on the lookout for when you are going over your monthly expenses:

         Are you behind on any payments?

         Have any of your creditors charged you late or over the limit fees?

         Are you relying on credit to pay for everyday needs like groceries?

If you answered yes to any of these things, you might be an ideal candidate for bankruptcy. Another good one to watch for is collection activity being taken against you. If you are being sued for a past due bill, are being garnished, or are facing possible repossession of your car or foreclosure of your home, it is likely you need to file bankruptcy. You should also think about filing for bankruptcy is you are receiving collection calls or letters, and have been unable to work out a manageable agreement with the collector. When you file bankruptcy, these calls and letters are required to come to an immediate stop and this can give you the break you need to figure out your next step.

For help with managing overwhelming debt, contact us at We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.


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