For some reason, bankruptcy is usually the last thought in most people’s minds when they begin to face serious financial problems. It’s as if there’s this huge stigma over bankruptcy and the shame that stems from filing it. That’s simply not true and it’s important to emphasize that hiring one of San Diego’s reputable Chapter 7 or Chapter 13 bankruptcy attorneys is the best way out of your troubles. But when is it time to start thinking about filing for bankruptcy?
When should I consider filing for bankruptcy?
The thing about filing bankruptcy is that the longer you wait the worse your already bad financial situation will become. This means that you should file for bankruptcy as soon as you start experiencing serious financial difficulties to maximize on its benefits. However, that also means being able to recognize the first signs of financial problems:
The current worldwide economic challenges can leave you a bit strapped for cash at the end of the month. However, if you’re struggling to make ends meet each month and you’re always without a leg to stand on before the 1st, it’s time to consider the depth of your financial problems and consider resolving them by filing bankruptcy.
Using your savings
Dipping into your savings account is never a good sign. This shows that you really are experiencing difficulty dealing with all of your existing financial obligations and that you’re in dire need of either a large windfall or serious financial restructuring. As the first one’s unlikely to happen, bankruptcy is the way to go. It’s never a good idea to compromise your savings to pay for your day-to-day expenses.
Paying for credit cards with more credit cards
This is a vicious cycle if there ever was one. Having one or two maxed-out credit cards is bad enough, but getting more credit cards in an attempt to pay off your original ones is taking it too far. If you choose to continue down this road the end’s only going to get farther and farther away, essentially leaving you without a clear solution.
Sorry, our mistake – bankruptcy is always a clear and the best option to escape your debt as much as humanly possible.
Bills are becoming too much to handle
Not being able to keep up with your bills is another certain sign that you should not waste your time and quickly file for bankruptcy. If you’re unable to meet your monthly bills you’re probably struggling in other areas of your life as well. Why continue the fight when you can win by filing bankruptcy?
The calls are starting to come in
Now this is where it becomes really stressful. If you’re experiencing creditor calls and letters and other types of harassment, it’s time to file. Not only will you eliminate a hefty portion of your existing debt, but you’ll also be free from incessant creditor calls that just don’t seem to go away.
You’re lending money from family and friends
Finally, if you’re starting to borrow money from your friends, family, or even coworkers, it’s time to put a stop to your troubles and file a bankruptcy claim. This is the last drop and there really is no reason to keep struggling with your finances and debt.
Who are San Diego’s leading Chapter 7 bankruptcy attorneys to help me with my claim?
If you notice the first signs of financial trouble and realize it’s time to file for bankruptcy, don’t fret as it’s going to turn your life around. However, you do need to prepare for it by learning as much about bankruptcy as possible and by choosing the most suitable type of bankruptcy for your situation. Finally, explore the different options for maintaining your finances in good condition after filing for bankruptcy and you’ll have covered your bases.
Except one, that is, and that’s hiring the most experienced bankruptcy lawyers from the Bankruptcy Law Offices of Mark L. Miller. We’re here to make your claim process smooth and streamlined with our expert legal assistance, counsel, and representatio n. We’ll help you deal with the stress, show you how great an option bankruptcy is, and help you find joy again. We’re located near Old Town San Diego, so come to our offices for a free consultation.