July 23, 2019

Is Bankruptcy Right For Me? Questions to Ask Yourself

Do not deny your financial situation. Get expert advice that will help you address itThere are some things regarding family finances that serve as a warning that the family should take a good hard look at their financial situation and determine how to remedy the situation.  I have listed some of these below.  If your family has had one or more of these happen, do not put off addressing what may be in your financial future.

1.  There are months in which there is not enough money to pay all of the bills,  Therefore, you must take cash advances from credit cards to cover the shortfall.

2.  You have incurred or are incurring significant medical bills that you are having difficulty  paying.

3.  Your home is underwater.  In other words, you owe more on the mortgage on your home than it is worth.  This is particularly true when you have both a first and second mortgage.

4.  You have missed a credit card payment which has caused an overall increase in interest charges on other credit cards.

5.  Your income has decrease dramatically, and your family debt structure was geared to the higher income level that you enjoyed in the past.

6.   You have rental property and are having difficulty keeping tenants in the properties.

7.   You have a mortgage that will balloon (come due all at once) and are concerned about finding a new lender.

8.   You have separated from your spouse and have discovered that maintaining two households is far more expensive than maintaining one.

9.  Creditors or debt collectors are calling you about payments.

10.  Your home or other real estate that you own is heading to foreclosure.

11.  Your business is experiencing financial difficulty.

12.  Your business has a debt owed to a bank that you have guaranteed, the debt is coming due coming due and you are concerned about your ability to renew or find another lender.

These are only some of the financial problems that we see our clients encounter.  Unfortunately, if any of these things are present in your financial picture, you may be headed for severe economic problems.  Do not wait to be overwhelmed by financial problems.  Consult a qualified professional about how to deal with your situation.