5 Signs You Need to File for Bankruptcy

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Bankruptcy isn’t something that anybody wants to think about. Even that word probably conjures up images for you of not being able to pay your bills, having to go to court, and not knowing what to do with your financial life. However, if you have found yourself in a tricky financial situation and you can’t pay down your debts, then filing for bankruptcy might just be the best option for you. However, how can you tell exactly when is the best time to file for bankruptcy? Of course, you don’t want to file for bankruptcy before the time is right. Keep reading down below to learn more about the top signs that you need to know when it’s time to file for bankruptcy.

  1. You’re always missing out on the payments for your bills

The first sign that you should be thinking about filing for bankruptcy is if you can’t make the payments on your bills. If you keep finding yourself getting late fees on those bills that are piling up at your door and in your email inbox, then it’s time to think about filing for bankruptcy. That’s because when you start missing one payment on a regular basis, then you’re going to find yourself starting to get smothered with more and more payments that you just can’t make.

  1. No matter how many payments you make, you can’t seem to reduce how much debt you owe

If you find that it feels like you keep trying to shovel away your debt, but the pile just keeps getting larger and larger, then it’s time to file for bankruptcy. This is normal when you have a lot of debt that has high interest rates. You are going to keep paying your credit cards and other debts, but because of those interest rates, you may not be able to make a dent in those piles of bills.

  1. There’s the threat of foreclosure looming over you

One of the biggest bills that you might be facing every month is your mortgage payment. This is something that you’ve got to pay every month if you want to keep a roof over your head. If you miss your mortgage payments on a regular basis, then you might find yourself with the threat of foreclosure looming over you. And this is no good when you have a family around you who are depending on you to keep your family home.

  1. You have a strong sense of stress every time that you answer the phone

Whenever you answer the phone, if you find your palms sweating and you have a ton of stress, then this is no good for your mental health. You might always be wondering if the person on the other end of the line is a debt collector coming to yell at you to pay your bills. This is a big sign that you need to figure out your financial situation and potentially file for bankruptcy in Nevada.

  1. You’ve been thinking lately about applying for a payday loan

One of the worst things that you can do when you’re in a bad financial situation is to apply for a payday loan. These loans are super high interest and could cause you to get into even more debt than you already are. However, they are super tempting as they are a really quick way of getting money into your pocket. You are going to be way worse off when you get into payday loan debt, so it’s best to look into filing for bankruptcy rather than going for this option.

Each of these reasons is the big ones that you should file for bankruptcy. If you find yourself in any one of these situations, then it’s time to take the steps towards filing for bankruptcy.