Signs You Should Consider Filing Bankruptcy

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Couple who needs to consider filing bankruptcy

Evidence That You Should Contemplate Filing Bankruptcy

Many people ask our bankruptcy lawyers when the right time is to discuss a filing. A lot of individuals may be facing financial troubles but are still not sure if it is to the extent of filing bankruptcy. So when is the right time to wave the white flag and take the steps to get a fresh start? The staff at RGG Law decided to look at some of the tell-tale signs that it’s time to declare your financial collapse. If you happen to experience any of these events, then give RGG Law a call.

You’re Spending More Than You Earn

If you still have a regular source of income, then that is a good thing. However, if you are repeatedly spending more money than you are making in a certain period of time, then you could be on track to filing bankruptcy. If you are constantly setting yourself up to have a net loss in wealth, then you are eventually going to accumulate debt (if you don’t have it already) and be forced to place a filing. Our bankruptcy lawyers suggest keeping a budget so that you know exactly how much money you can allocate to certain expenses,

You’re Behind on Payments

It’s one thing to spend too much money, but if you don’t have any money to spend, then you are on track to filing bankruptcy. Many people reach the point where they can not make payments on the regular bills they have. This could include mortgages, car payments, utilities and any other sort of expense. Neglecting to take care of these fees will quickly pile up and leave you in an even more troubling situation.

You’re Relying on Credit for Everything

Credit cards are a powerful tool typically best suited for emergencies. If it seems like everything in your life has become an emergency, and you’re using your credit card to pay off all sorts of debts, then you should definitely consider filing bankruptcy. Using a credit card to take care of debt is basically just asking one company to transfer the bill over to another. It’s still there, just in a different format. Our bankruptcy lawyers strongly advise against using credit cards when it’s clearly evident that you are unable to handle your accumulated fees.

You’re Getting Phone Calls from Agencies

If you have tracked up a significant amount of debt and prolonged any efforts of paying it back, it is likely that you’ll start receiving calls from credit agencies. If this happens on a frequent matter, then it is time to throw in the towel and take the steps for filing bankruptcy. Waiting too long may make your situation worse, which is the last thing you need in a time like this.

Contact RGG Law for More Information of Filing Bankruptcy

If these signs sound familiar, then you should give RGG Law a call and begin the process of filing bankruptcy. Our experienced bankruptcy lawyers will help guide you through the steps of getting back on track so that you can have a fresh start. Contact us at 417-864-4700 for more information.