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Do All Signs Point to Bankruptcy?

Posted By admin || 25-Aug-2009

Tough Decisions Ahead - Bankruptcy

In today's especially rough economic times, bankruptcies are becoming the only option for more and more people.  Some ignore the warning signs until it's too late and then are faced with few choices.  Why wait until fiscal tragedy strikes to find out what you can do to stop bill collectors and creditors from hounding you?  The following are major signals that you may need to consult with a reputable bankruptcy attorney to discuss all your available options and make the best financial decision to get you out of the financial quagmire you're facing.

  • Credit cards to the max.  If you've maxed out all your credit cards, are charging more each month than you can possibly pay, are making only minimum payments on your credit card debt , or are using them to pay off essential, everyday bills, you may definitely be in way over your head.
  • Equity-what equity?  Using your home equity in order to take out loans so you can pay for items other than home improvements is also a potential warning that you may well be headed for financial disaster.  If you've been paying on your home for years and yet have little to no equity to show for it, it's definitely time to consult a bankruptcy attorney.
  • Emergency funds on life support.  Living paycheck to paycheck is a common reality for many Americans, but if you have little to no savings to draw on in case of an emergency, all it takes is one medical catastrophe to drive you to the brink of bankruptcy.  In conjunction with other warning signs, this may definitely signal the need to consult an attorney.
  • Being Under-insured.  Related to medical catastrophes is the fact that many Americans are either under-insured-or not insured at all.  With medical expenses skyrocketing, those who do not have decent medical coverage are forced to avoid going to the doctor until facing life-threatening illness or accidents, and then it may be too late for treatment.  Even those who manage to make it in for semi-regular checkups may well find their financial resources depleted by one costly hospital stay or surgery.
  • Threats of foreclosure or repossession.  Is your mortgage lender threatening foreclosure ?  Has the dealer repossessed your car ?  Losing your home or mode of transportation can well be the first domino that leads to an out-of-control spiral you may not be able to make it out of.  If you don't have reliable transportation, you may lose your job.  Without a roof over your head, you and your family may be forced to live with family members-if that's even an option for you.  In a worst-case scenario, your family may be forced to split up to stay with different family and friends.  Not an ideal situation for close families who depend on each other.

These are just some of the typical bankruptcy warning signs. Just remember that you don't have to wait until the bell of financial doom tolls-talk to a Dallas bankruptcy attorney now and you may well minimize the damage later.  It's always better to file for bankruptcy on your own terms rather than being forced into it after having already lost everything.

Categories: Bankruptcy
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