Three Signs You Need To File Bankruptcy

In most situations that come up in life there are signs along the way of what is around the corner. For instance, when you get a tickle in the back of your throat there is a good chance you are getting a cold. Or, if you have a baby nearing their first birthday you may have seen signs that they will soon start walking. With money, and money problems, there are also signs that you are putting enough aside for an emergency or that you might run into trouble.

Three signs you are facing more debt than you can manage, and need to file bankruptcy include:

•         Having more total debt, in monthly payment amounts, than you have monthly income. When your expenses exceed your income, you need to take fast action to get a handle on your money. Failing to act can result in repossessions, foreclosures, and collection lawsuits being filed against you. Rather than give this type of power to your creditors, it is better to take things into your own hands and develop a plan to get out of debt.

•         You are taking out loans to pay necessary expenses. If you are not able to make your house or car payment without borrowing from savings, your retirement, or life insurance, bigger money problems await.

•         You are behind on some or all of your payments, and have been getting calls or letters from the lender.

No one wants to wind up down a financial black hole, and the best way to avoid this result is to pay attention to the warning signs. If you are having financial difficulty, don’t wait to find a solution. The faster you take action, the faster you can come up with a plan to get out of debt. Bankruptcy is a very real option for a large part of the population, and it can help you too. The moment you file your creditors are no longer allowed to call you and ask for payment. And, if there are any pending lawsuits against you, those have to be put on hold or stopped all together. This is one of the greatest benefits to filing for the protection of bankruptcy, and there are many more. Call us today to find out how bankruptcy can take the pressure off your family.

If you have more questions about bankruptcy, contact us today at www.law-ri.com. We will help you come up with solutions that work for your family, and have multiple locations where we schedule appointments so you can make a choice that is convenient for you.