Signs You May Be Ready to File for Bankruptcy

It is possible that if you relate to any of the following signs, you should start thinking about filing for bankruptcy. Continue reading to discover the most common signs to look out for when it comes to needing to file for bankruptcy. If you recognize one or multiple of these signs, reach out to an experienced bankruptcy attorney today to learn the best steps for you to take. You don’t have to go through this process alone; we’re here to help.

Warnings Signs You May Need to File For Bankruptcy

  1. You are spending more than 20 percent of your net income on credit card bills
  2. You do not have enough cash to pay for necessities like groceries. You are using credit cards to pay for necessities.
  3. You are using savings or even retirement accounts to pay monthly bills
  4. You need a co-signer to get a loan
  5. You heavily depend on family and friends financially
  6. You have begun pawning your belongings
  7. For a lower monthly payment, you are financing or leasing a car for six or more years
  8. You have more than two major credit cards
  9. You are living paycheck to paycheck
  10. You are more concerned with monthly payments than the total cost of a larger purchase like a car
  11. You are hiding purchases from loved ones
  12. Your checks are bouncing
  13. Your credit card has been declined
  14. You are receiving collection calls from creditors
  15. You have been denied additional credit
  16. You are being charged a high-interest rate when you borrow money
  17. You view making minimum payments as normal
  18. Your bills are overdue
  19. You are hiding credit card statements
  20. You are unsure what you owe on all of your debts

The Benefits to Recognizing These Signs

Though it might seem overwhelming to recognize your behaviors as being signs to file for bankruptcy, recognizing these warning signs is a great place to start. Filing for bankruptcy is a huge decision that should not be taken lightly. If you believe it might be time for you to begin this process, reach out to our firm today to discuss your options and what is the best route to take for your financial situation. We can fully assess your situation and make the best recommendation for your future. We’re here to help. Contact us today to schedule an initial consultation.

Contact our experienced Rockland County, New York firm

The Law Offices of Allen A. Kolber, Esq. effectively represent clients facing Bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.