Signs it is Time to File for Bankruptcy

Having financial struggles is something that many people deal with every day. Many times, people put together budgets and cut out expenses to dig themselves out of a financial hole. However, sometimes these options are not enough to help. Here are five signs it may be time to file for bankruptcy.

You have considered taking money out of your retirement fund.

If you are struggling with paying off your debts, and have considered dipping into your retirement fund, it may be time to consider filing for bankruptcy. For many 401ks and retirement funds, there is a huge penalty to pay if you take money out before a certain age. You will also no longer have this money for the future when you are ready to retire. Overall, there are more benefits to filing for bankruptcy than withdrawing from your retirement account. Leslie Craft has years of experience assisting people with filing for bankruptcy and is ready to answer any questions with compassion and understanding.

You only use your credit card to pay for things.

Finding yourself paying for everything with your credit cards? Filing for bankruptcy may be the next step to start fresh and get out of debt. Credit cards can be useful when used correctly, but many people often find themselves swiping their credit cards for every purchase and paying back the minimum. Filing for bankruptcy could give you a clean slate so you can start over and get your credit back on track.

Your cards are maxed out.

Using your credit cards to pay for everything you buy, and your credit cards are maxed out – now what? You may start putting off important purchases like doctors’ appointments, car maintenance, or home necessities. Putting off these necessary purchases because you cannot afford them could be an indication that it is time to file for bankruptcy. Do not let debt build-up keep you from buying things you need. Contact Leslie Craft for assistance and next steps on filing for bankruptcy.

After paying your bills, you have no money left over.

Once you pay your rent and bills, buy gas for your car, and pick up your groceries for the week, do you end up having any money left over? If the answer is no, filing for bankruptcy could be the next move for you. In this day and age, things are growing increasingly expensive, and it can be normal to not be able to buy a trip or a new pair of shoes. However, having no money for fun activities or items each time you pay your bills could mean you are overspending in other areas. This could also be an issue if you have new bills to pay for, like student loans or car payments.

Creditors have reached out to you.

If creditors have been pestering you because they have not been paid, it may be time to discuss personal bankruptcy with an experienced bankruptcy attorney. Creditors can be extremely persistent when they are trying to reach you regarding your debts. Filing for bankruptcy can put an end to the constant calls.

Filing for bankruptcy can be a scary decision, and having a professional and experienced lawyer like Leslie Craft can help ease stress and pressure. Ready to get your financial situation back on track? Contact Craft Law Offices at 252-752-0297 and schedule your free consultation with us today.