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Signs that your Personal Finances May Be Overextended

Many times, our clients come to us in various financial states wondering when is the best time to declare bankruptcy and start from scratch. Certainly, waiting too long to file bankruptcy has its drawbacks, but you may not want to file if you don’t need to. So perfecting the timing of your bankruptcy is a crucial part of the process.

heres-is-a-tip-1022839-mOne local newspaper article correctly outlines several indications that you may be overextended financially. The following list is not comprehensive, but it may provide a good guide as to when bankruptcy may be a good idea:

  • Does more than 20% of your monthly pay go towards paying creditors?
  • Do you need a second job to consistently pay all debts and make ends meet?
  • Could you not pay off all your debt, excluding auto and home loans, within the next 12 months?
  • Do you rely on credit cards to obtain the necessities each month?
  • Are you paying only the minimum monthly payments on credit cards and other debt?
  • Are you making late payments and getting late fees/service charges on any of your debts?
  • Are you dipping into your savings account to pay your monthly debit payments? Or do you not have a savings account?
  • Have you taken out new credit cards just to pay off existing accounts?
  • Are you unaware of how much you owe in total?

If you answered more than a few of these questions in the affirmative, it may be that you could seriously benefit from filing for bankruptcy and getting a financial fresh start.

Filing for Bankruptcy in Kentucky

In Kentucky, thousands of people file for and declare bankruptcy each year. Based on their own assessment of their financial situation, in conjunction with advice from an experienced bankruptcy attorney, many of these filers have been able to get the fresh start they desired.

Filing for bankruptcy can be a complex and strategic procedure. There are many critical decisions that must be made by bankruptcy filers, as well as rules and regulations that must be complied with. It is therefore advisable that, if you are considering filing for bankruptcy, you speak to a dedicated Kentucky bankruptcy attorney.

Are You Thinking About Filing for Bankruptcy?

If you are in a difficult financial situation, and you answered yes to several of the questions listed above, you could potentially benefit from filing for bankruptcy. Before you file, you should consider speaking with a dedicated Kentucky bankruptcy attorney to discuss your specific situation. The Schwartz Bankruptcy Law Center has years of experience representing all types of clients in hundreds of different bankruptcy cases. The attorneys at the Schwartz Bankruptcy Law Center understand how difficult this time can be, but they also know the process well enough to know that it doesn’t need to be difficult. To speak with a dedicated attorney about your case, call 866-366-3328 to set up a free initial consultation.

More Blog Posts:

Bankruptcy Judge Allows Debtor To Recover Attorney’s Fees After Creditor Violated Automatic Stay, Kentucky Bankruptcy Lawyers Blog, published October 6, 2014.

Bankruptcy Court Allows Malpractice Plaintiff to Sue Surgeon in Bankruptcy, Kentucky Bankruptcy Lawyers Blog, published November 2, 2014.

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