Are you feeling overwhelmed by debt and can’t figure out how to get yourself out? You may have fallen into circumstances that were outside your control, such as a medical emergency. Many people are experiencing the same challenges, and they are searching for a solution. Debt and the stress it causes also affect your mental health and relationships. However, you may have an option. These are signs that you should consult a bankruptcy lawyer.
Your Accounts Are Consistently Overdrawn
After you bounce the first check, it can seem like a waterfall of overdrawn fees. That first insufficient funds fee can really do a lot of damage because it may cause additional charges and checks to bounce, which is crucial if it affects your mortgage, insurance and other major payments. In addition, you can quickly rack up hundreds of dollars in fees very quickly, especially if you can’t pay them and bring your account back into the positive right away. This an early indication that you may need to hire a local attorney, e.g., a Rockville bankruptcy lawyer.
You Keep Getting Charged Late Fees
Every month, you watch your debt build through interest fees, but if you can’t make your payments right away, you could also be charged late fees. Then, your next payment is even higher because you are paying the late fees from the previous payment. Between your interest and fees, your credit account balances can skyrocket quickly.
You Have Judgments Against You
When you can’t pay your bills on time, they will go into collections. Then, if you can’t pay the collections agencies, you may be sued for the balance of your debts. Once a judge rules against you and you are ordered to pay the debt, your creditors can pursue wage garnishments and have money pulled from your account, often without notice. This is especially true for medical debt or overdue taxes.
You Cannot Pay Your House Payment
Your mortgage company will typically give you six months before it begins foreclosure proceedings. However, if you have difficulty making one monthly payment, chances are that you will have difficulty making payments for multiple late months. However, you can immediately stop foreclosure proceedings by filing for bankruptcy.
You Have to Put Your Daily Expenses on Credit
If you are using your credit card for groceries, gas and other daily expenses, you are probably overextended. If you stop charging immediately and still cannot pay your bills and buy the things you need every day, bankruptcy may be a solution.
No one wants to file for bankruptcy. However, with a great lawyer, you reduce your debt, get your payments under control and start on a path to financial freedom.
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