5 Definitive Signs That You Need to File for Bankruptcy

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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.                                                                                                                                                                    

Your Minimum Income Is Not Nearly Enough

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.

A jar of coins spilled over

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.

You Typically Spend More Than You Earn

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.

Every Month You Skip Some Bills

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.

A person counting their cash

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.

Debt Collectors Are Constantly Calling

Battling to pay off debts is another sure sign to consult financial advisors.

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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.

A man stressing out over money

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.

You Can’t Downsize Enough

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.

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