If you are grappling with personal debt, ignoring the issue won’t make it better. If nothing changes, bills are likely to just continue adding up. Bankruptcy may be a helpful resource for those who’s debts substantially outweigh their earnings. Here are a few warning signs that you must act promptly, otherwise you may be headed into bankruptcy:

You do not qualify for a debt management program.

You may have tried to enroll in a debt management plan without success. This solution can be useful for those who want to lower their payments to creditors, have only one credit bill to pay, or reduce their interest rates. Despite the potential benefits it can bring people, some do not qualify for these programs and may have to seriously consider filing for bankruptcy instead.

Debt collectors are harassing you on a regular basis.

Another sign that you have too much debt to manage is when you begin getting threatening letters and calls from debt collectors. This often happens when a bill is 1-3 months overdue. You may have also gotten dings on your credit report for these missed payments, adding to the financial stress.

You are unable to recover from a financial setback.

If you have lost your job or accumulated significant medical bills, then you may benefit from bankruptcy protection. For some people, their healthcare issues have left them with hospital bills that seem too large to pay off, or they have recently gone through a divorce and personal difficulties have led them to considering bankruptcy. 

As a bankruptcy lawyer would encourage potential clients, taking the steps needed to handle financial issues can be scary, but eventually the problems will be too much to deal with alone and professional assistance is needed.