This year has been difficult for many people, so difficult, in fact, that many people have been asking about when to file bankruptcy. With so many people suffering slowdowns at work, or even layoffs, money is tight. Bankruptcy is meant to be a lifeline to those who have nowhere else to turn. If you see these signs, it might be time—but you don’t have to fear the process!

You Have Used All Your Savings

Over the past few years, many people have been able to squirrel away a decent amount of savings. Since the 2008 recession depleted many families’ nest eggs, the economy has made a slow but steady recovery—at least until the COVID-19 pandemic.

If you have had to use your savings to pay for household expenses and to cover bills, it might be time to consider your options. If you don’t know when to file bankruptcy, this could be one of the first signs to look out for.

You Are Relying On Credit Cards More

Credit cards are excellent for building credit, but it is easy to go into debt if you are not careful. Many people use credit cards to cover their expenses with the intention of paying them back later, only to dig themselves into a hole that is too deep for them to escape.

If you have noticed that you have been using your credit cards more often than usual, you may want to look at your finances and create a budget.

You Avoid Opening Your Mail and Answering the Phone

Debt creates stress like nothing else. Knowing when to file bankruptcy depends in part on how much harassment you can take from creditors.

Have you been avoiding opening your mail for fear of receiving another past due notice? Do you screen your phone calls or avoid answering at all? You should speak to a bankruptcy professional about your options.

You Are Thinking of Trying a Debt Consolidation Loan

When you are in debt, it is a good idea to talk to a financial professional, but sometimes, someone who appears to be willing to help you could get you deeper into trouble. Anyone offering you a loan to get you out of debt is not your friend.

Debt consolidation loans can make your debt last even longer than it would have before. Many debt management companies take a large portion of you payments as a fee so very little goes to paying off your debt.

Don’t Know When to File Bankruptcy? We Can Help!

If you are struggling to pay your bills, you don’t have to be afraid of what your future will look like after bankruptcy. We have helped many people like you get the debt relief they need through bankruptcy and alternatives to bankruptcy.

Want to talk to someone who cares enough to actually help you? Get in touch with us today so that we can set up a consultation to go over your situation.