Bankruptcy Law Firm Memphis, TN Trusts Explains Bankruptcy Indicators
In most cases, a person may not realize that they have put themselves into deep financial trouble immediately. At times, a person can incur debt over a long period of time. For some, it can be shocking to find that they suddenly are unable to make even their monthly minimum payments or lack the liquidity to pay their mortgage on a monthly basis.
Bankruptcy can be scary, especially when it is looming overhead. You may not be sure of what the outcome may be. Thankfully, the Memphis, TN bankruptcy law firm of Darrell Castle & Associates, PLLC have experience with managing bankruptcy cases. We can go over your particular situation and develop a plan of action. With our assistance, you can have a clearer idea of the road ahead, putting your mind at ease.
Signs You Have Too Much Debt
Some people may not even realize the extent of their debt until they begin to look at it all together. Sometimes, this doesn’t even happen until they begin to realize that the majority of their finances go towards paying for their expenses, with little left over at the end of every month. Here are some common signs that you may have too much debt on your hands:
- You are only able to pay the minimum on your balances. In some situations, you may not even be able to meet this requirement.
- Debt collectors are calling you incessantly.
- You are experiencing a substantial amount of stress or physical side effects as a result of the financial burden you are carrying. Other symptoms could include lack of sleep, headaches, anxiety, and depression.
- You are avoiding going over your debt and coming up with a plan because you fear that you will be unable to manage it.
- Your bills are not paid on time because you do not have enough to pay them. This can result in late fees and a significant impact on your credit score.
- You are regularly using a credit card to cover your daily expenses such as groceries, gas, and other incidentals. By doing this, you are digging yourself into a deeper hole.
- If you are unable to save because your expenses are too high, it may be time to speak with a member of a bankruptcy law firm in Memphis, TN who can help you figure out how to have better financial health.
- You are not able to get credit approval because your debt to income ratio is too high.
Knowing the signs that you are carrying a heavy debt load may be helpful when recognizing whether or not you should speak with a debt counselor. This will be important prior to considering bankruptcy. It may be possible for you to avoid bankruptcy with a solid financial plan. This is far more attractive than filing for bankruptcy, which will carry a mark on your credit for a number of years.
Call us today to set up a free consultation at our bankruptcy law firm Memphis, TN clients recommend. A member of our legal team is standing by and ready to assist you. Don’t keep stressing over whether bankruptcy is the right decision for you. It’s time to take action so that you can take back control of your financial health.