Filing bankruptcy is not something most people think about all the time. Instead, it is a thought that comes up during seasons in life when people are experiencing extreme financial pressures and problems. If you are currently in a season like this, here are three signs that you might be heading to bankruptcy, and you should recognize these signs as an alert to seek legal advice and help from a bankruptcy lawyer.
You are living on your credit cards
The first sign to watch for is the way you are using your credit cards. If you do not have enough income coming in to pay all your bills and pay for all the extras you need in life, such as gas and groceries, you might start using your credit cards to pay for everything. If you are doing this, you will likely end up maxing out every credit card you own, as this is not something you can continue doing for a long period of time. The reason you might be living on your credit cards is likely due to the large payments you must make to your credit card companies each month. If you can barely pay these bills each month, you might be forced to use your credit cards to pay for everyday items you need in life.
You are starting to miss payments
When people begin living on their credit cards, there usually comes a day when they begin to miss payments. It becomes hard making large payments to credit cards, and this makes it harder to pay for all the other bills you may have. If you are starting to miss payments on any of your bills, you probably also are now starting to receive phone calls from your creditors. If this is where you are in your finances, you should seek legal help soon.
You are facing the potential of losing your house or car
The other sure sign that you are heading to bankruptcy is when you begin missing payments on your car or house. Missing just one or two payments could lead you to lose that asset, but bankruptcy might help. If you do not want to sink further into debt and further behind on payments, seek help quickly.
These are three signs that should alert you to seek some type of legal help for your finances. You can do so by contacting an agency that specializes in credit counseling or by contacting a bankruptcy lawyer.