In February of 2009, personal bankruptcies experienced their biggest year-over-year jump - 37 percent - since the 2005 bankruptcy law changes. With the economy on the downward trend and many Americans overleveraged with unaffordable debt, bankruptcy is looking like the only way they can put their debts behind them and gain a fresh financial start. If you are feeling the financial pinch, here are a few warning signs that may indicate that you need to file bankruptcy:
- Your house is in foreclosure or you are facing an eviction from your rented apartment/house. Facing a foreclosure or eviction is a sure sign that your debts have become unbearable. If this is the case, you may be a good candidate for bankruptcy.
- You are living off your retirement savings, credit cards or an equity line of credit. For years many Americans have treated their homes like ATMs and now that credit standards are tightening many Americans are finding themselves dipping into retirement savings and credit cards just to pay for daily living expenses. If this scenario represents your current situation, you may need to file bankruptcy.
- Even if you are not in foreclosure or living on credit lines you may find yourself unable to repay existing debt. If you are unable to pay more than the minimum on your debts, you may need to file bankruptcy.
To find out more about your bankruptcy options, contact a Dallas-Fort Worth bankruptcy attorney today.