When to consider filing bankruptcy
If 3 of the following apply to your financial situation then you should consider filing bankruptcy, and talk to a bankruptcy attorney for advice.
- More then 5,000 in debt besides your house or car.
- You owe more on your car then what its worth.
- Your car payments are more the 25% of your gross monthly income.
- Collection agencies are calling you.
- Can’t afford car insurance.
- You get cash advances on a regular basis.
- Turned down for credit.
- Frequently late on bills, rent, car payments.
- Borrow money or use credit to buy essential items like food, clothing, and medication.
- Balances never go down even when you make payments.
- Getting a divorce and have a lot of bills.
- Have garnishments on your paycheck.
- Taking out loans just to pay other loans.
- Often make late payments or none at all.
- Owe money on taxes.
- Can’t save money or don’t have savings.
- Several months behind on payments.
- Pay very high interest rates on your debt.