9 Signs You Should Consider Filing Bankruptcy [infographic]

HomeArnold Law Offices Blog9 Signs You Should Consider Filing Bankruptcy [infographic]

 After divorce, job loss, a serious illness, or another unfortunate life event, you may be struggling to make ends meet. Although you hope that this period of financial difficulty will end, you may want to consider filing bankruptcy to get out of debt if you experience any of the following circumstances.

9 Signs You Should Consider Filing Bankruptcy

  1. You worry about money constantly—If you feel anxious every time you spend money and you have trouble sleeping because you are always thinking about your finances, bankruptcy may be right for you.
  2. You have spent your savings—You may want to consider bankruptcy if you have used your savings to pay for regular household expenses, like your mortgage or groceries.
  3. You regularly rely on credit cards—While credit cards are a helpful tool, you may want to move forward with bankruptcy if you put most of your purchases on credit and only make the minimum payments.
  4. You avoid opening your mail—Do you wait days or even weeks to go get your mail because you know there will be letters from your creditors waiting for you? Bankruptcy may be a beneficial option.
  5. You wonder how to pay your bills—If you feel like your bills do nothing but pile up and you do not know how to pay them, bankruptcy may provide a way to improve your finances.
  6. You are behind on payments—Are you behind on your car payment or your mortgage? If you struggle to make your payments on time, bankruptcy may be a good option.
  7. Your creditors constantly contact you—You avoid picking up your phone because you never know when a creditor could be on the other end, pestering you to make your payments.
  8. You take out loans to pay bills—If you frequently ask friends or relatives for money, or you have taken out loans to pay your bills, filing bankruptcy could help.
  9. You have thought about a consolidation loan—Although acquiring a debt consolidation loan may seem like a good idea, filing bankruptcy may be the better option.