Filing for bankruptcy is usually one of the last things people want to think about when they are struggling financially. Bankruptcy is a pretty scary term and often carries the connotation of total financial ruin. But in many cases, bankruptcy is what can save you from financial ruin and help you get back on your feet.

Financial troubles can happen to anyone at any time. Even the most financially conscientious individuals can be struck by an unfortunate and unexpected circumstance like a job loss or illness. If you are struggling with debt and are unable to keep your head above water, you might be wondering if bankruptcy is the answer.

The Law Offices of Loomis and Greene, your bankruptcy lawyers on Loveland, offers signs that it is time to file for bankruptcy.

Losing Sleep Over Money Concerns

Perhaps you are not sleeping very well because you are so worried about your financial situation. You go to bed every night anxious about every dime you spend and wonder how you will pay the bills. It is not healthy at all. You should do something about it.

Your Income Won’t Increase

In a perfect world, your income would increase with lifestyle expenses. Unfortunately, that is a rare reality today. For many people with a good job and steady income, unless they get a huge raise, inheritance or some other financial game-changer, the chances of catching up on your bills are slim.

If you know that you will be staring at the same amount of money on your future paychecks, it could be time to file.

You Can’t Make Minimum Payments

It’s one thing to make late payments, it’s a whole different ball game when you can’t even make your minimum payments. If you can’t make the minimum payments, all you are doing is getting yourself in a much deeper hole. If your income cannot keep up with what you owe each month, it is time to consider filing for bankruptcy.

Your Wages Are Being Garnished

When debt collectors take the additional steps to ensure they get paid, often times that leads to your wages being garnished. If your wages are being garnished, you could be protected if you file for bankruptcy.

You Could Lose Your Home

If your financial situation has reached a point where you are struggling to keep up with your house payments, you could be in danger of losing your home. If it has reached a point where foreclosure is a possibility, filing for bankruptcy can help you get caught up on your house payments and keep your home.

You are Being Sued

If you are failing to make payments on your debts, there is a good chance that it will get turned over to a collection agency at some point. This is when the phone calls and letters come into play.

You can choose to ignore the letters and phone calls, but this won’t get you anywhere but into even more trouble. Filing for bankruptcy offers some legal protection against debt collectors.

Robbing Peter to Pay Paul

If you are using a credit card to make a payment on another credit card, it is a sign that you are having financial difficulties. If you are skipping one bill to pay another, it is a sign that you should consider filing for bankruptcy.

You are Underemployed or Unemployed

If you find yourself not earning enough money to pay your bills because you are underemployed or unemployed, you might want to find out more about bankruptcy.

If you wish to know more about bankruptcy, contact the Law Offices of Loomis and Greene today.