Struggling financially can come with anxiety, frustration, sadness, and even shame. You may not be fully aware or able to admit the nature of the situation you’re in, or you may just be unsure about what step to take next. Here are some indicators you may want to consider filing for bankruptcy and what to do to get the help you need.
Signs You May Want to Consider Filing for Bankruptcy
- You have little to no money in your savings account and are surviving paycheck to paycheck or worse; you’re out of money before your next check hits.
- You have credit card bills that amount to more than 20% of your total income every month, or you have credit card bills that you can’t afford to pay.
- Your credit score is too low to get approved for any type of loan or credit card and you would need a cosigner to take one out.
- You are overdue on one or more bills.
- You owe a lot of debt and aren’t sure exactly who you owe what to or for what reason.
- You regularly overdraw your bank account or bounce checks.
- Your credit or debit cards sometimes get declined.
- You are using credit cards or your savings accounts to pay for regular expenses like rent, utilities, and groceries.
- You’ve needed family or friends to give you money for food, bills, or other necessities.
- You can’t pay all of your bills every month, so you juggle which bill gets paid when trying to avoid late fees and disconnections.
- You are receiving phone calls or letters from creditors demanding that you pay your bills.
- You’ve been threatened with the garnishment of your wages or your wages are currently being garnished.
- You write checks counting on the “float” time between the time that the check is deposited and your account is debited to quickly make a cash deposit to cover the check before it bounces.
Contact an Experienced Florida Bankruptcy Lawyer For Help
If you identify with any of the above, it may be time to consider ways to eliminate your debt. Bankruptcy may be one way you can do that, especially if you qualify for a Chapter 7 bankruptcy and can have some or all of your debt discharged. This means you don’t have to pay it and no longer owe it because a court has decided you don’t have the money to and can’t be reasonably expected to in the upcoming future.
To get help answering your questions about bankruptcy or to schedule a consultation, contact the Orlando FL bankruptcy attorneys at Caplan Bankruptcy at (407) 872-6249.