4 Signs You Should File for Bankruptcy

 

Filing for bankruptcy is never an easy decision. Thousands of Americans struggle each year with whether or not declaring bankruptcy is the best choice for their financial situation. Many people do not know which financial issues signal that their best option is bankruptcy, and many more people want to avoid the perceived social stigma coupled with bankruptcy. However, bankruptcy is often the smartest route. Some of the telltale signs that filing for bankruptcy may be right for you include:

  1. You regularly spend more than you earn. If you find yourself racking up debt every month, it may be time to file for bankruptcy. Debts gain interest, meaning that allowing them to increase each month is simply costing you more money. Filing for bankruptcy might be your best option if you are incurring debt and there is no end to these debts in sight.

  2.  You are skipping monthly bills. If you are currently avoiding paying your bills or trying to figure out which bills you can afford to miss, then you may want to consider filing for bankruptcy. In addition, if you have been using loans from friends or family to cover your monthly bills or you simply avoid opening your mail altogether because you know it will be another bill, bankruptcy might be your best option.

  3. You have spent your savings. If you have used up your emergency funds and had to pay bills with your savings, this is a sure sign that you should consider bankruptcy.

  4. Creditors are contacting you. If you are constantly receiving calls from creditors and collection agencies to the point where you avoid answering the phone, it is a definite sign that you are in financial trouble. An experienced bankruptcy lawyer will be able to help you determine if filing for bankruptcy is right for you and can ensure that creditors stop calling your phone.

 

Contact a Birmingham Lawyer Today

If you are considering filing for bankruptcy, you do not need to make this difficult decision alone. The bankruptcy attorneys at Greenway Bankruptcy Law, LLC have many years of experience providing clients with the guidance they need to determine whether or not bankruptcy is right for them. We understand the confusion and frustration that often comes with considering bankruptcy, but we are here to help you. To speak with an experienced bankruptcy lawyer, contact our offices by calling (205) 324-4000 today.

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