Headed for Bankruptcy

Signs you are headed for bankruptcy

Ignoring personal debt will not make the problem go away. In fact, your bills will continue to pile up costing you thousands in interest and principal payments. Sometimes you may even find yourself in bankruptcy court, a place no one wants to be.

In addition to finding yourself in bankruptcy court you will also see your credit score rating go down, and even your ability to get a job. Here are some warning signs that you may be headed for bankruptcy from The Law Offices of Nicholas J Del Pizzo.

  1. You are missing payments already
    1. The biggest warning sign that you are headed for bankruptcy is that you are already forgoing paying off bills, or delaying them until they are past due. Common items that lead to someone missing a payment are; loans, mortgages, student loans, auto loans, medical bills, or credit card payments.
  2. You are only paying the minimum
    1. Even if you are making your payments on time, sometimes only paying the minimum is a warning sign. Say for instance you have a credit card limit of $5,000 but the minimum you have to pay each month is $50.00. By only paying the $50.00 each month you are signaling to your credit card company that you are having a hard time paying your bills, and may in fact be in credit card debt.
  3. You have taken out high cost loans
    1. When someone is low on funds, they may get desperate and turn to high-cost loans. These loans often times come with high interest rates, and can put you into a cycle of debt.

Focusing on your income, sticking to a budget, and paying your bills on time can go a long way to avoiding bankruptcy. If you still feel though that you are headed for Bankruptcy contact The Law Offices of Nicholas J Del Pizzo for immediate help. Our lawyers can help you navigate the bankruptcy process and establish a better future for you.

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