Bankruptcy is something that most of us hope to never face.  Unfortunately, with high unemployment and a poor economy, this is becoming a reality for many Americans.  Regardless of the reason behind your financial storm, you need all the help and advice you can get to weather it.  Here’s a short list of red flags which may signal a path that is headed towards bankruptcy:


  1. Rising credit card debt – If you find your credit card statement growing each month, despite you making your payments, you’re headed for trouble. Realistically expecting to pay off your credit card balances by making minimum payments will never work. The way interest is calculated these days and the associated fees with late or missing payments virtually eliminate any value to making minimum payments on this debt. Balances add up very quickly and if not managed proactively, they can become unmanageable before you know it.
  2. Creditors call you consistently – If you are constantly paying your bills past the due date or not paying at all, you will receive calls from your creditors wanting to know why you have not paid your debt. These calls can range from professional to harassment. Sometimes, depending on the amount you owe and the lateness of the payment, the creditor might be willing to work something out for you regarding a plan to pay; however, you will want to seek the counsel of an attorney before striking a deal. Most attorneys offer a free consultation to hear your story and discuss your options.
  3. You do not have any savings in the bank – If you are living week to week or month to month, chances are you have not been putting back for your future. Many people live their entire lives like this which leaves them financially vulnerable when things go wrong. If you find yourself in this position, you could be on the road to bankruptcy.


Be aware of your situation, don’t ignore it.  If you are facing a financial storm despite your best efforts to find a solution, give us a call.  We can help.  Your first consultation is FREE.  731.424.3315.


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