These are tough economic times that you’re living in. The national debt is so ridiculously high that most Americans didn’t even realize that numbers could go that high. Nearly every person in the country over the age of 18 is carrying some kind of debt in the form of credit cards, auto loans, mortgages and equity loans. They even had to finance the used tires on their cars.
So in an economic climate like this, it’s no wonder that many are considering bankruptcy. You’ve thought about it too, and after trying to dig your way out of debt the old-fashioned way, you’re really wondering if bankruptcy is right for you. Well, you might not even need to file for bankruptcy yet. But if you find yourself checking all the boxes below, then you might want to get a bankruptcy attorney on speed dial as soon as possible.
You Are Beyond Broke
Your bank account balances are at—or below—zero. You have no cash in your wallet, and you’ve already raided the couch cushions three times this week looking for spare coins. Your credit cards are all maxed out. You’ve already borrowed more money from your dad than you care to admit. You have no investments and no retirement. And the bill collectors have been calling so often that you don’t even bother to turn on your phone anymore. You can’t pay your bills. Liens have been filed against your home and creditors are sending you notices of intent to sue.
Your Credit Score and Credit Report Are Already Unsalvageable
If your credit scores with the three major credit reporting agencies are all in the low-500s or lower, then that’s not a good sign. If you’ve tried to get entry-level credit cards and cannot qualify for anything—not even those financed used tires mentioned above—then that is a major qualifying factor for bankruptcy.
Your Financial Planner Recommends Filing for Bankruptcy
To be fair, bankruptcy lawyers have a vested interest in convincing you that you should file for bankruptcy. That doesn’t mean that they will always recommend it, but it is definitely influencing their consultations with prospective clients.
But if you’ve already been to a debt-reduction consultant or a personal financial planner, and that person has told you that you should probably consult a bankruptcy lawyer, then that is like the final nail in the coffin. If that describes your situation, then it’s time to admit the seriousness of your financial situation, pick up the phone and make an appointment.
It doesn’t mean that you are a failure in life or that you are trying to dodge your responsibilities. Bankruptcy laws exist to help people just like you. Working with an attorney like Charles J Schneider PC can give you a wonderful fresh start, and nobody should have to suffer the rest of their lives in poverty because of some bad financial decisions or unforeseen hardships that developed out of nowhere.