Finances are always a stressful part of peoples lives. No matter how little or how much money you have, finances tend to be the source of confrontation for couples just about everywhere. If you have racked up a lot of debt and feel like you are drowning in your bills, then you may be a good candidate for chapter 13 bankruptcy, or another type of bankruptcy. But how can you tell? This article will take a closer look at a few indicators. Are you ready to learn some more? If so, then read on.
You're Being Pursued By Creditors
One of the most obvious signs that you are in financial difficulty and you need some help is if you are dodging phone calls all of the time from creditors. Creditors may seem like they are hassling you, but they are only trying to collect a debt that you owe to them. And, the longer that you take to avoid that debt, the more likely you are to be sent to collections. Once you are sent to collections, things can get a little bit hairy.
You Are Using Loans to Pay Your Bills
Another sign that you may be in need of filing for bankruptcy is if you are using loans to pay for your bills. For instance, if you have a substantial amount of medical bills that you can't pay for, then the only way for you to pay for them may be to take out a personal loan. However, loans aren't necessarily intended for you to live off of every month in order to stay afloat; they are usually there for a large purchase instead, like a car or a house remodel.
You Have Maxed Out All of Your Credit Cards
It's one thing to max out a credit card that has a low amount on it, but it's another thing if you start to max out credit cards that have a lot of money on them. And, if you have several credit cards, you may find yourself in tens of thousands of dollars worth of debt.
The type of debt that you have, and the type of income that you have, will determine what kind of bankruptcy you should file. Luckily, you can meet with a bankruptcy lawyer, and they can tell you what type you should file for. To learn more, reach out to a law firm near you.