Debts can ruin lives; the same thing cannot be said about bankruptcy, though. So, if the liabilities start to exceed your assets or income, it should be treated as an essential sign that you might need to file for bankruptcy.
Without further ado, let us get into the list of five signs that you might need to file for bankruptcy.
You Are Only Paying the Minimum Payments
If you are in a situation where you are only paying the minimum payments on your credit cards, you might have to file for bankruptcy. If you have enormous balances on your debt that you are only paying the minimum payments, you must take things seriously and file for bankruptcy.
Late Payment of Bills
This one is an obvious sign, yet many people tend to ignore it. Here is the thing: if you are not able to pay your bills on time and you find yourself in a loop where you are continually paying them late, you just might need to file for bankruptcy.
No More New Credit
Another clear sign that you might need to get in touch with the bankruptcy attorney jackson county mo, is that you are unable to get new credit. You might find yourself in a situation where you are turned down when you go to apply for credit, and you do not get a bank loan, a new credit card, or you cannot get a car loan; you will want to treat it as a warning sign that you might need to file bankruptcy.
Also, if one or more of your credit cards have reduced the available balance on your account, you might want to file for bankruptcy.
Maxed Out Credit Cards
If you have one or more than one maxed-out credit card, you will want to take things seriously. So, if you are in a situation where you have maxed out your credit cards already, it is a pretty good sign that you might need to file bankruptcy, as this is always better than being in debt.
You might as well be overdrawing your bank account and using your bank’s overdraft line of credit. If you are constantly overdrawing your account and subsequently incurring those fees, you might want to file for bankruptcy.
If your credit card is repeatedly denied, it could signal a need to consider bankruptcy. However, other factors may also contribute. Informational blogs offer valuable insights into managing financial challenges, helping you make informed decisions.
Empty Retirement Account
Are you thinking about withdrawing money from your retirement account? Or, have you already withdrawn money from your retirement account, and your retirement account is empty as a consequence?
You might be considering using your retirement account to pay bills. Whatever the case is, we recommend leaving your retirement account alone and instead filing for bankruptcy. Keep your retirement plan strictly for your retirement only so that you aren’t without money during the later stages of life.