How to Determine if You Are on the Fast-Track to Going Bankrupt

5 Bankruptcy Warning Signs You Need to Watch For

Many people don’t want to admit that they have a financial problem until it’s too late for them to do so. By the time that they admit that there’s a problem, their only resort left is to declare Chapter 7 or Chapter 13 bankruptcy. Don’t let this happen to you! Keep a lookout for these bad bankruptcy warning signs:

  • You’re constantly putting things on credit. Credit card debt that is rising steadily is a surefire sign of bad times ahead. It’s an even worse sign if that’s how you’re making ends meet. Avoid using credit cards whenever possible, and if it’s possible, try to pay more than the minimum fees every month.
  • Collections agents are calling your house day after day. If the harassing phone calls won’t stop, it’s a sign that you may have bigger problems on the horizon.
  • You just lost your job, and it’s not a job that’s easy to replace. Losing a job doesn’t mean that you have to go bankrupt, but if you lost your job and you were barely floating along, this is a clear sign that bankruptcy might be around the corner.
  • Your health just took a nosedive. Health-related expenses are the number one cause of bankruptcy in the United States. If you’re facing astronomical medical bills that you can’t reasonably pay off, then bankruptcy may be a real thing for you.
  • You’ve been trying to avoid thinking about your finances. This is a sign that you might be in denial about how dire the situation really is.

The good news is that you can still stop bankruptcy from happening if you see the signs early on. Get the help of an experienced bankruptcy lawyer who will advise you where to turn to in your time of crisis. Contact the law office of Garland & Mason, L.L.C. today.

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