Knowing When It’s Time to Consider Filing for Bankruptcy

Signs That You May Need a Fresh Start

If you’re like most people, you always see the silver lining. When you’re struggling to make ends meet, there’s always hope around the corner—a new job, a raise or promotion, something that will get you back to square one. That’s a great attitude to have, but sometimes it’s wishful thinking that, unfortunately, makes things worse. More often than not, the sooner you file for bankruptcy protection, the better.

So how do you know when your belief that things will turn around is unrealistic? What are the clear indications that you should meet with an experienced bankruptcy attorney?

Take a Good Look at Your Financial Situation

It will likely be painful, but you can’t fix things until you know exactly where you stand. Start by asking yourself a number of questions:

• Does the mere thought of dealing with your finances put a lump in your throat or cause anxiety?
• Are you using credit cards to pay monthly bills, such as utilities, or for other essentials, such as food?
• Has your credit card debt gone up or down in the last 12 months?
• Are you making more than minimum payments on credit cards?
• Are you afraid to go to the mailbox or answer a phone call you don’t recognize?
• Are you uncertain exactly what your debts are?

If you answered two of more of these questions affirmatively, you need to take the next step. Gather all your bills, including credit card statements, mortgage or rent obligations, loan payments, and utilities. Determine how much you spend on average for gas, food, and other essentials. Compare that total to your monthly income. If your monthly output is more than you earn, something has to change. A meeting with a bankruptcy lawyer can get you started on the road to financial recovery.

Contact an Experienced Rockwall, Texas, Bankruptcy Attorney

At the Law Offices of Carrie Weir, all potential clients receive a free initial consultation. I am currently communicating with clients by phone, text message, and videoconference. To arrange an appointment, contact my office online or call 972-772-3083. I handle Texas personal bankruptcy filings in Rockwall County, Collin County, Dallas County, Hunt County, and the surrounding counties.