If you are concerned that you may be on the verge of filing for insolvency, you can look for the following warning signs so that you can promptly seek the assistance of a professional for appropriate advice and avoid the situation:
Too much credit card debt is the most prevalent financial ailment affecting many households today. As the average credit card balance continues to rise, consumers are feeling the heat. Therefore, in such a circumstance, you can seek professional counsel to safeguard yourself against personal bankruptcy.
You may be tempted to use your home equity line of credit to finance a new vehicle or piece of furniture. However, avoid these types of temptations. Remember that your home is in danger, and that any form of loan that uses it as collateral can be risky. It is best to reserve the funds for home improvement projects or unforeseen circumstances. Many individuals fail to remember that payments must be made at the current interest rate. If this rate increases, so will the amount they are required to pay.
People are increasingly living paycheck to paycheck, as evidenced by their decreasing average savings. This is a sign of risk, as they will be unable to cover the costs associated with emergency situations such as a sudden medical ailment, job loss, etc... Therefore, it is preferable to ensure adequate savings, and if you are living paycheck to paycheck with no or minimal savings, it is time to seek professional assistance to avoid personal bankruptcy.
Additional warning situations include co-signing a loan, foreclosure, and repossession.
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