Filing for bankruptcy is not an easy decision for most people. Besides having misconceptions about the process and their futures, many people simply don’t want to admit they need help. However, a smart money manager knows the signs of financial trouble and recognizes when action is needed.
There is nothing wrong with needing help to get out of debt. Chances are you ended up in financial hardship through no fault of your own. Job loss, medical bills, divorce or the inability to work are very real circumstances that lead people into overwhelming debt. While taking action against your debt can save you from financial disaster, it is important to know the warning signs:
- Borrowing from one line of credit to pay for another.
- Paying only minimum payments out of necessity.
- Using credit to pay for essential monthly expenses.
- Missing payments on one or more accounts.
If you have experienced any of these, take a look at your finances. You may be able to set a budget and eliminate some of your financial trouble. If not, consider negotiating with creditors to lower your debts or contact a Dallas bankruptcy attorney to review your situation.