If you’re like most potential bankruptcy filers, you’ve held on for as long as you possibly can. You may have even given up paying for your essential needs so that you can pay the money you owe on your credit cards. When push comes to shove, however, you may have no other option than filing for bankruptcy. Hopefully, you realize it’s time to file as early as possible.
Here are four signs it’s time to file for bankruptcy right now:
Your debts account for over 40 percent of your annual income
A debt-to-income ratio this high is an important signal that you’re in the throes of financial distress.
You’re incurring more debt to pay off other debt
This is a sign that you’re falling deep into the rabbit hole of debt. Without a lucky influx of cash, you may never be able to get out of this kind of situation without the help of bankruptcy.
You have the kind of debt that’s easy erase through bankruptcy
This includes: medical debt, credit-card debt and personal loans. If most of your debt is student loans, tax debt, child support or court judgments, you may be out of luck in terms of bankruptcy.
You’re skipping on essentials
Approximately 32 percent of people went without food before they finally turned to bankruptcy as a solution.
If you’re ready to make your suffering stop and get out of your debt troubles once and for all, investigate your eligibility for bankruptcy. If you can qualify for this helpful legal process, you may be able to resolve your debt issues once and for all.