The topic of bankruptcy is a pretty uncomfortable one for most people as it feels like a failure instead of a corrective measure. The sooner you see it and accept it, the better, as it will mean you have a way forward.
Avoid getting into more debt with the delusion of payment happening later, which generally does not occur, as you will already be struggling financially.
Seek financial rescue as soon as possible and realign your business, life, and finances if you notice these definite signs.
When you cannot survive on your fixed monthly income more in terms of your basic expenses, you know you are in trouble, and something needs to start changing.
Unfortunately, this has become a norm for most people, and instead of taking a step back to fix this, they continue overspending. Sometimes, a side business or second, the third job is a wise solution.
Overspending typically happens through credit which is a deceptive way of balancing everything out as you still need to pay for them at the end of each month with interest.
Sometimes it is just simply living a lifestyle that you cannot afford and buying things that are way out of your reach. Money is so easy to use if it is staring you in the face without sitting down and having a total calculation of all your necessary and unnecessary needs.
Putting your bills on rotation creates a false sense of comfort as you carry on with life but ignore the fact that the skipped account is still in the background and urgently requires your attention. Again this boils down to prioritizing what is essential in your life.
Your visit to a financial advisor at this point is generally long overdue and should not be delayed any further. Chapter 13 Bankruptcy Lawyers in Springfield, MO, have been coming to the rescue for many cash-strapped individuals whose finances have spun out of control.
These are some of the most uncomfortable calls as they trigger anxiety every time your phone rings. You become a prisoner of your phone, seeing all these numbers popping up on your screen and avoiding taking the call; these can be pretty embarrassing to take when in the company of anyone else.
Sometimes you will also make promises you never fulfill to these debt collectors, aggravating them even more as they become more aggressive with you on failed settlements.
Start making a list of the things you can do without; you will be surprised how much more you begin to save each month. We tend to live our lives based on fantasies and create fictional lifestyles with money we don’t have.
Downsizing is a solution that often helps individuals make ends meet. However, if you’ve already downsized your lifestyle and minimized your spending, then filing for bankruptcy is likely the only solution.
Getting financial help or rescue is not anything to be ashamed of; it’s far more common than most of us could imagine. If anything, it is a very responsible thing to do. It is your way of accepting that there is a problem, which is the best way to fix it.