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Top 7 Warning Signs You Need to Consider For Filing Bankruptcy

Do you have an enormous debt that you can't seem to pay off? You need to get rid of your debts and start over with your money. For you, bankruptcy may be the best option. But how can you know when it's the right time to file? Continue reading for some warning signs that filing for bankruptcy could be a viable option for you to get out of debt.

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Top 7 Warning Signs You Need to Consider For Filing Bankruptcy

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  2. 1 If you are dealing with foreclosure, this is the first sign that you may need to file bankruptcy. Foreclosure means you've fallen behind on your mortgage payments and are unlikely to be able to catch up.

  3. 2 When you are using credit cards to pay for groceries, gas, and just the things you need every day because you do not have enough cash or money in your account to pay for them otherwise.

  4. 3 You're dealing with a wage garnishment, then filing for bankruptcy might be a good decision. Wage garnishment is when a creditor has a ruling against you, and they take a portion of your paycheck each week or month to pay back the loan.

  5. 4 If you're using your retirement money to pay off debts, it could be better to declare bankruptcy. If you use those funds to pay down debt, you will not have that money to sustain when you retire.

  6. 5 Filing for bankruptcy can benefit you if you're being harassed by creditors. You can get creditors off your back and have your debt cancelled with the help of an experienced bankruptcy attorney.

  7. 6 If your creditors have threatened you with legal action. If you have received sue notification from your creditors, you should consider filing for bankruptcy since it will help you get rid of those creditors.

  8. 7 Bankruptcy may be a viable choice if you frequently spend more money than you make. Ideally, one should spend around the same amount they make and save some money each month.

  9. IF YOU NEED ASSISTANCE DETERMINING WHICH BANKRUPTCY WOULD BE MOST BENEFICIAL TO YOU, CONSIDER CONSULTING WITH BERNEMAN LAW FIRM 805.492.7045

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