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Is it Time for Bankruptcy? The Ultimate 10-Point Checklist
If you’ve been struggling with money, you might wonder at what point to consider bankruptcy. Maybe you’ve noticed that lot of your friends and family complain about the pile of monthly bills and this might make you wonder was is normal and what is not. One thing is for certain, ignoring the collection calls and letters from lawyers won’t make the problem go away. The sooner you face this issue, the better.
Maybe your first step at facing the problem is reading this list below. If any of these sounds familiar, it may be time to consider bankruptcy.
- Stress. It’s normal to be concerned about finances and most people experience occasional stress about money. However, if you are so stressed that you can’t sleep, you are depressed, and/or there doesn’t feel like a way out, you might be headed towards bankruptcy.
- Cards Are Maxed Out. Do you use your credit cards for groceries or gas? Are you paying an expensive minimum payment and barley touching the principal? One of the reasons people seek bankruptcy is because their credit cards are maxed out or close to it. When this happens, you might have no other way to buy food, gas, or pay the mortgage. This is a turning point because your family can no longer survive without something changing immediately.
- Missed Payments. You can’t pay your debts or other bills and miss due dates.
- Phone Calls and Letters. You started getting aggressive calls and letters debt collectors.
- No Savings. Maybe you had a savings account at some point, but you don’t anymore. You’ve spent all your savings on expenses, rather than having extra for a rainy day. All of your days seem rainy anymore.
- Loans for loans:You’ve borrowed money from friends or family. Maybe you’ve actually taken out a loan to pay other loans.
- You’re Behind. You are constantly running behind on some or all of your bills. Maybe you make it before 30 days late, but you are still getting late charges.
- Food or Bills. You have to choose between buying food for your family or paying the utilities bill month after month.
- No Spending Cash. You have no extra money for gifts or fun. This is a very stressful time and you have no reprieve.
- Look for a solution. Desperate times call for desperate measures. Perhaps you’ve taken a high-cost loan like a Payday loan or talked to a debt-consolidation company. You might be scouring the internet for help. If you are looking for a solution to your problem, bankruptcy might be a last resort, but it might seem like a real option to find relief.
Everyone’s story is different. Maybe you have large medical bills, a divorce, an accident, or maybe you were laid off and never really recovered. Whatever your reason, you deserve a new beginning.