Signs You May Benefit from Chapt 7

Signals that You May Benefit from Chapter 7 Bankruptcy

You may be struggling with debt and frequently think that maybe, just maybe, in another month or so, you will get caught up. Instead, another month goes by and you are lagging further behind. It is possible that you are trying so hard to maintain that you overlook the signs that you are on your road to bankruptcy. Here are a few indicators.

• You avoid answering the phone out of fear that it will be a debt collector. Creditors being making calls when you are more than 30 days late. If you are receiving calls, you are in financial trouble.
• You have received notice that certain debts are being turned over to debt collection agencies.
• Your consistently overdraw your checking account.
• You hide where you park your car out of fear it may be repossessed.
• You are using your credit cards for groceries and other essentials of daily living.
• You have credit cards that our maxed out and you cannot afford to even make the minimum monthly payments.
• You are behind on your mortgage or have received a foreclosure notice. If you are a renter, you may have received an eviction notice from your landlord due to your failure to pay rent.
• You are living from paycheck to paycheck and the funds from one paycheck are depleted before you receive the next one.
• You have no emergency fund in the bank. A recent study revealed that 40 percent of Americans could probably not come up with $2,000 in one month’s time if they needed to meet an emergency.

If any of these things are happening to you, you need to talk to a bankruptcy attorney who will review your circumstances and help you decide whether filing for bankruptcy would help you dig out of your financial hole.