When you're overwhelmed by debts, bills and other financial troubles, it may be difficult to see the overall picture of your financial condition. Coming up with a plan for overcoming your financial difficulties can be challenging and deciding whether or not you should file bankruptcy can be a very hard choice.
To help you get some perspective, below are four signs that you may need to file bankruptcy:
- You are using credit cards to make ends meet. If you are using credit cards to pay your everyday expenses such as food and utility bills, you may need to file bankruptcy.
- You are unemployed and have remained so for six months or more. Being part of the long-term unemployed during this recession can create financial challenges that will eventually send you to the bankruptcy court. If you've been unemployed for a long time you may want to discuss your bankruptcy options with an attorney.
- You are unable to pay more than the minimum on your credit card debt. While many people are able to keep up with the minimum payments on their credit cards, the inability to pay more than the minimum payment requirement may be a sign that you need to consider bankruptcy for your credit card debt .
- You are unable to save for your future because you are too busy paying debts. Even if you are paid well at your job, expending large amounts of cash to pay back debt can eventually put you into bankruptcy if you are unable to save. Without savings your financial house of cards can come tumbling down with even the most minor emergencies.