Filing bankruptcy is a serious matter, as it can alleviate your debt and get creditors off your back. It can also deeply impact your credit for up to a decade, which means it is very important that you seek out every other option first before resorting to bankruptcy. If you have no other options and still choose not to file, you may cause your debt to grow higher and potentially put yourself in an even worse financial situation. Therefore, you need to know the signs that you are close to bankruptcy, and you should consider filing for bankruptcy as a serious option to get out of debt.
Minimum Payments Are Too Much
If you have multiple credit cards and loans with minimum payments that you are struggling to pay off each month, you are in serious trouble. You should not be out of money after paying bills, and basic needs such as groceries and clothing for family members should never be made a low priority just to keep the creditors happy. If you find yourself in this situation, filing bankruptcy in Tyler, TX, may be your best and only option. Contact the William Lively Law Firm to learn about your options and determine which Chapter to file under.
Spending More Than You Earn
Spending more than you earn each month on bills and basic living necessities is not a good thing. You should never end the month with a negative balance in your accounts, as debt will only grow worse each month. If you still barely break even or find yourself in the negative after reducing your spending to the bare minimum, you should consider filing bankruptcy to give yourself a chance to recover and get back on solid ground. You do not deserve the burden of such financial frustrations, and the right lawyer will look at your unique situation and help you determine whether filing is your best course of action.