Law Offices of Robert M. Kaplan, P.C.
Schaumburg Family Law Attorney

Signs You May Need to File for Bankruptcy

April 20, 2016
Posted By: Robert M. Kaplan
Woman using calculator

Bankruptcy has lost a lot of its stigma in recent years, and it seems like everyone from big corporations to mainstream celebrities is filing for bankruptcy. Even so, filing for bankruptcy is still a major decision that shouldn’t be taken lightly.

If you are in financial trouble, how do you know if filing for bankruptcy is the right decision for you? Let’s take a look at some of the signs you may need to file for bankruptcy.

You Can’t Keep Up With Your Bills

You've depleted your savings and are considering cashing out your retirement savings to pay your bills. You're living on credit cards and your debt increases rather than decreases each month. You can only afford to pay the minimum payments on your debts and have high-interest rates on those debts. Maybe you don’t even know how much debt you have because you are afraid to look.

Perhaps you are behind on your rent or mortgage, or your home is already in foreclosure. You cringe every time the phone rings because the only calls you seem to get these days is from debt collectors.

These are ominous signs that your financial struggles may be becoming too much and it might be time to do something drastic.

You Have Had to Borrow From Friends and Family

If you have had to turn to friends and family for loans just to stay afloat, this could be the start of a cycle that is tough to get out of. Perhaps you have even had to turn to friends and family to bring over food so you have something to feed your family.

Other Signs That Bankruptcy Might Be the Answer

If you are using the legal loan sharks at those payday advance shops to get cash or other dubious means because your car is about to be repossessed, this is a bid sign. Perhaps you are being sued and you know you will not be able to pay any judgment that might be granted.

Call Our Schaumburg IL Law Firm 

When you are suffering from extreme financial hardship, it’s generally best to take action sooner rather than later. Talk about your situation with a bankruptcy lawyer in Schaumburg to find out if having your debts discharged without having to broke in the meantime is the best answer for you. Call the Law Offices of Robert M. Kaplan and make an appointment to speak with a trusted expert. 

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