Do You Need a Bankruptcy Attorney? Signs You Shouldn't Ignore

Being in debt is the American way, or so it would seem. Owning a home is considered a tremendous investment and a source of pride, even though it almost always means taking on debt. There are other forms of debt that aren't so prized, such as credit card debt, but that doesn't mean that millions of Americans don't find themselves in it every day. Though being in debt is not uncommon, there comes a point where it can dominate your life. If your situation has gotten to this point, it may be time to contact a bankruptcy attorney. If you aren't sure whether or not that time has arrived, here are some signs you shouldn't ignore.

The first thing you should look at is the ratio of your monthly expenditures as compared to your income. Here's a hint: the expenditures should be well below the income. If that ratio is backwards, or even too close to even, you need to take some time and reassess how you are spending your money. If you're already living as bare-bones as you possibly could, then it could be a sign that a bankruptcy attorney should be your next step. Don't kid yourself when it comes to this sign. A great many Americans have no idea what their expenditure/income ratio is, and are thus spending themselves into a hole without really realizing it.

If you are consistently maxing out your credit cards, this could be another sign that you should take a trip to see a bankruptcy attorney. Have you paid down your cards time and time again, only to see them balloon right back up to the limit? Are you unable to pay them down, constantly missing payments or deadlines? Credit card fees can drown an indebted person faster than almost anything else. They are a fast way to wind up owing much more than you could ever pay off in a lifetime, and if you find yourself in such a position, you need to do something about it. If you aren't keen on taking a second job and you don't plan on winning the lottery in the near future, you might want to consider doing something that could result in your debt being discharged.

Finally, if you find yourself having to choose which bills to pay each month, this is a big red flag and should be a huge indicator that you should make an appointment with a bankruptcy attorney. Skipping payments is a surefire way to see your debts increase as fees and interest continue to accrue. You will never be able to build wealth, which is the key to a healthy and happy retirement. Many people look at their situation and just figure they will always have to be in debt. It doesn't have to be that way. Talk to a good lawyer and find a way out of that hole.