Is it time to file bankruptcy?

Money troubles are nothing new. A significant percentage of American homes live paycheck to paycheck with only a small savings to cushion unexpected expenses. For many people, however, debt can quickly balloon out of control leading to an uncertain future filled with potential financial peril. It is wise to recognize the warning signs and realize that bankruptcy might be the best option for your finances.

While the desire to fight and scrape and find a path through adversity is strong, it is best to recognize when turning to others for help is the best option. The Bankruptcy Code was developed to help hardworking Americans get out from under crushing debt and carve a path toward a more stable financial future. Here are some signs it might be time to file bankruptcy:

• Strategically missing or making late payments: When you find it necessary to juggle the due dates of credit card bills, utility bills or loan payments so you can stay afloat, it might be time to consider your financial options.
• Sacrificing one bill to pay another: In what is generally considered the next level of financial trouble from the previous item, if you are forced to not pay one bill so you have enough money to pay a different bill, you could be facing a larger financial peril.
• Carrying more than one maxed-out credit card: It is not uncommon for consumers to reach the spending limit of a credit card. When you have more than one card that has reached its limit, however, you could be heading for disaster.
• Paying one credit card with another credit card: While it is not uncommon to transfer balances between cards, the act of paying the bill of one card with another card and having no repayment plan in place could signal that it’s time to consider bankruptcy.

As every financial situation is different, it is wise to discuss your solution with an experienced bankruptcy attorney. A lawyer can provide the insight that is necessary for your situation. Whether filing Chapter 7 bankruptcy or Chapter 13, the guidance of a legal professional is crucial.

Attorney Brad Hawley

Attorney Brad Hawley possesses years of practical experience focused on bankruptcy, civil and criminal defense. He has prosecuted and defended clients in state court, and is a former enlisted member of the United States Army. Brad is driven by his desire to help people that have been hurt by the legal system, and is dedicated to fixing injustices he sees around him. [ Attorney Bio ]