The word bankruptcy has a negative connotation in the eyes of many. Often you will hear of people drowning in debt and yet they let everything else go to pay these bills. There are times when bankruptcy is the best possible solution and many corporate giants have taken this step along with many celebrities. How do you know the time has come to head to an Aurora Bankruptcy Attorney?
Warning Signs You Are In Over Your Head When It Comes to Debt
* Bill collectors are calling you regularly and you dread answering the phone.
* You are using credit cards to pay for basic necessities.
* You are scared to sit down and add up how much you actually owe.
* You are thinking about debt consolidation.
* Minimum payments are all you can make on your credit cards.
If you agree with two or more of the above statements, the time has come to consider filing for bankruptcy.
When Is Bankruptcy the Best Option?
When you owe more than you make each month, bankruptcy is likely your best option. If you are making yourself sick worrying about your debt, the time has come to visit an Aurora Bankruptcy Attorney. The same is true if your marriage and personal relationships are falling apart thanks to your mounting debt.
Sit down and add up all that you owe. You’ll find this to be very painful as seeing your debts in black and white make them real. Once you have done this, add up your assets. If your assets are less than your debts, you may wish to consider bankruptcy, but don’t take this step without considering other options.
Options Other than Bankruptcy
Before you visit a bankruptcy attorney, see if you can cut back in other areas of your life. Eliminate your cable bill or drop your cell phone. Liquidate any assets you have to pay off this debt or pick up a second job to pay off the money you owe. Bankruptcy should never be taken lightly as it will follow you for the rest of your life.
In certain situations though, you’ll find that it is exactly what you need to get your financial life on track. Only you and your bankruptcy attorney can decide if this is the right option for you.
