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Signs that you should consider bankruptcy

On Behalf of | Apr 7, 2023 | Bankruptcy |

Financial hardship can impact anyone. From catastrophic injury or illness to sudden job loss, even the most financially stable person can suddenly find themselves in serious money problems. Bankruptcy is more common than you might think. In fact, one out of every 55 homes file for bankruptcy. Filing for bankruptcy can be just what you need to get a clean slate and pursue a better tomorrow for yourself and your family. Before you write off bankruptcy, here are five signs you should seriously consider it as an option:

You dread going to the mailbox

Most people think nothing about going to get the mail, but for some, it can be a serious point of stress. When the only mail you get is either an overdue bill or a letter from a collection agency, you may be over your head in debt.

You are shuffling your debt

Paying a credit card with another credit card may seem like a way of buying time, but it is actually indicative of serious financial troubles. Instead of moving debt around like this, consider pursuing an option to clear all of it.

You have run out of your savings

Having savings in place is a good way to help you when you are between jobs. However, if the savings you have developed has long since run out, it should be clear that your finances are not in a good position.

You are taking payday loans

A payday loan can seem like a quick way to make ends meet with little consequences, but these predatory loans are worse than you expect. The money you end up paying the loan provider far outweighs the money they loan you, which means alternative options are likely better for you.

Do not ignore the signs

If you are experiencing these or other signs of financial struggles, you do not have to continue living with them. Look into bankruptcy and how it can help you overcome these hardships and live your life free of these money problems.