The word bankruptcy is often seen in a bad light as it is believed to connote extreme poverty, despair, and hopelessness. For those who have no clue what they are doing, filing for bankruptcy may very well mean all those things. For some who have consulted financial professionals, however, declaring bankruptcy can provide a number of advantages when used correctly.
If you are currently struggling financially and thinking about your options, here are signs that you might need to consider filing for bankruptcy:
- You are completely dependent on your credit card – if you have no other means to pay your groceries, basic utilities, and other daily necessities other than using your credit card; it means that you are in deep financial trouble.
- The interest rates on your debts have increased a lot because of non-payment – how can you possibly be debt-free if you don’t even have money to pay your debt at a lower interest rate? How much more with an increased interest rate?
- You are spending practically all your waking time working – if you are holding multiple jobs already and you are still barely paying off your debts or hardly paying for your daily living, what other options do you have?
- You can barely function because of stress and anxiety – if your debts and other financial problems are causing you to experience symptoms of severe stress and anxiety like panic attacks, which is already affecting your work and family.
If you are experiencing majority, if not all, of the signs above then there is no doubt that you are in deep financial misery. While thinking on your own might feel like you are doing something to solve the problem, it is high time to consider calling financial professionals to assist in your financial matters. For a free consultation and more information about the bankruptcy process and other possible options you have, contact Stratton & Green, ALC immediately.