In this economy, millions of Americans are experiencing severe financial hardship. Fortunately, the federal government supports bankruptcy, and it is available for those hardworking citizens who truly need it. Bankruptcy is the light at the end of a very dark tunnel for many, and when there is nowhere else to turn, bankruptcy might be the most viable option available to you when you are swimming in a sea of debt.
Before people file for bankruptcy, they typically experience a variety of symptoms or signs. These signs are extremely common; however, when they happen to you, they can be extremely stressful to say the least.
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Essentially, when people have more expenses or bills that they can afford to pay, they have a problem. When there is more money going out, than there is going in, problems are bound to arise; it's just a matter of when. It might take a couple of months, or a year to see the full effects of spending more than one makes, but eventually the bills will catch up to you.
Overspending is not necessarily a symptom of buying more than you need, or spending money on frivolous items. In many cases people have no choice but to use their credit cards for basic everyday necessities such as gasoline or groceries.
For most bankruptcy filers, they were driven to filing for bankruptcy after some major life-changing event. Whether that event was a divorce, a medical emergency, a death in the family, or a sudden layoff, these types of events typically lead to a financial downfall. As time goes by, the bills continue to pile up, whether you have a job or not, they don't pay themselves.
When the money runs out, people will usually turn to their credit cards first. When their credit cards are maxed out, they might withdraw money from their 401K or take out a home equity line of credit. However, these days a lot of people don't have the option of taking out a second mortgage or a home equity line of credit; therefore, their options for paying back debt are severely limited.
Still, taking a second mortgage or a home equity line of credit is only a band-aid that simply covers up the real problem. They are only temporary solutions, especially if you are out of a job or working only minimum hours, and even they need to be paid back eventually.Are you paying just your minimum payments on your credit cards? Or, are you making late payments on your credit cards and being hit by exorbitant late fees and interest rates? These are early signs that you may need to consider filing for bankruptcy.
Another common warning sign would be phone calls and/or letters from bill collectors and creditors. When people are typically 30 days past due on their credit card payment, their car payment or their mortgage, the phone calls and collection letters start rolling in. Bill collectors aren't always the friendliest of folks and the relentless calls to your home or work can become a great source of stress in your life.
Borrowing money is an early warning sign. Borrowing money from Peter to pay Paul is one shuffle that many borrowers become entangled with. A debtor might borrow money from their friend or their boss to pay their landlord, or they might take a cash advance from one credit card to pay another. This is a dangerous game to play because in essence, the debt is only piling up and increasing as time goes by.
Out of control debt can wreak havoc on your personal life, it can create a substantial amount of stress and it can affect your marital relationship. For people in these types of situations, they should always speak with a qualified bankruptcy attorney. A lawyer will be able to give them priceless insight into the bankruptcy process and how it might be able to help them. There is no reason why anybody should have to continue living in a situation where they have insurmountable debts hanging over their head. If you would like more information about your bankruptcy options, contact a seasoned San Antonio bankruptcy lawyer without delay so you can start taking your life back.
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