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9 signs that it’s time to consider bankruptcy

On Behalf of | Jul 5, 2023 | Firm News

If you’ve found your way to our blog, then you’re probably financially struggling and looking for relief. Although bankruptcy can offer you an opportunity to rid yourself of most debts, thereby giving you a fresh financial start, a lot of people are hesitant to engage in the process. They think that if they just give themselves more time and their luck turns around that they can get back on their feet without having to resort to bankruptcy.

As a result, it can be hard to tell when it’s the right time to seek out bankruptcy protection.

Signs that it might be time to consider bankruptcy

There are a lot of circumstances that can justify bankruptcy. Therefore, you should consider the following warning signs and consider whether they’re enough for you to take the next step:

  1. You can’t sleep at night because you’re worried about your debt and how you’re going to pay it off.
  2. You’ve exhausted your savings.
  3. You’ve been pulling money from your retirement accounts.
  4. You’ve been relying on your credit cards to a large extent, causing their balances to soar.
  5. You’re using loans and borrowed money to pay your bills.
  6. You’re being hounded by creditors and maybe even being sued by them.
  7. You’re afraid to open your mail because of what you might find from your creditors.
  8. You’re behind on major bills like your mortgage and car loans and are thus at risk of foreclosure and repossession.
  9. Your financial hardship is tied to an event that is unlikely to be remedied, such as a divorce, the onset of a medical condition, or job loss.

Are you ready to learn more?

If any combination of those circumstances apply to you, then now may be the time to consider bankruptcy. By learning more about the process, you can alleviate your concerns and gain a full understanding of what the process can do for you.


Kingcade & Garcia | A Miami Law Firm