Knowing When It’s Time to File for Bankruptcy Protection

The Telltale Signs that You Should Contact an Experienced Bankruptcy Lawyer

In our first blog this month, we wrote about overcoming the stigmas associated with bankruptcy. Unfortunately, inaccurate preconceptions about bankruptcy result in many people waiting too long to file and making the situation much worse than it needs to be. If you’re uncertain whether you should start looking for an experienced bankruptcy attorney, here are some key indicators that it’s probably time:

• You have a maxed-out credit card—Trying to stay afloat using credit cards is a surefire way to dig the hole deeper. You’re likely to pay exorbitant interest rates on your card balance, so your monthly payments will do little to eliminate the debt.
• You’ve made more than one monthly payment late—This can typically lead to late fees, penalties, and accruals of additional interest. Creditors also might start asking for or requiring multiple payments to avoid legal action.
• You’ve taken out a cash advance to pay monthly bills or basic needs, such as food or gasoline—Cash advances carry high charges and only add to your total debt.
• You’ve taken out a payday loans—If you’ve felt the need to get money through a payday loan, your situation is probably dire. These loans can lead to 100% interest or more. You may think you’re buying the time you need to turn things around, but it almost never works out that way.
• You’ve put food, utilities, or other basic necessities on a credit card—This is a clear sign that you don’t have the ability to meet your basic obligations.
• You’ve overdrawn your bank account more than once—Everybody can miss something, or even be the victim of someone else’s bad check. But if you regularly overdraw your account, it indicates that you don’t have the means to pay your bills. And the overdraft fees only worsen matters.

Contact an Experienced Rockwall, Texas, Bankruptcy Attorney

At the Law Offices of Carrie Weir, all potential clients are entitled to a free initial consultation. To arrange an appointment, contact my office online or call 972-772-3083 for a private meeting. I handle personal bankruptcy filings throughout Rockwall County, Texas, including the cities of Rockwall, Heath, Greenville, Lavon, Wylie, Mesquite, and Rowlett.