Before filing for bankruptcy, individuals typically exhibit a number of symptoms or indicators. These symptoms are extremely prevalent; however, experiencing them can be, to say the least, extremely stressful.
People have a problem when they have more expenses or obligations than they can afford to pay. When more money is going out than is coming in, problems are inevitable; the only question is when. It may take a few months or a year to see the full effects of spending more than one earns, but the bills will ultimately catch up with you.
Overspending is not necessarily a result of purchasing more than necessary or spending money on unnecessary items. People are frequently compelled to use their credit cards to purchase necessities such as gasoline and supplies.
The majority of bankruptcy filers were motivated to file by a significant life-altering event. Whether it was a divorce, a medical emergency, a family member's death, or a sudden job loss, these types of events typically result in a financial downfall. Whether you have a job or not, the expenses continue to accumulate; they do not pay themselves.
When cash is depleted, people typically turn to their credit cards first. When their credit cards are tapped out, they may take out a 401(k) withdrawal or a home equity line of credit. However, many individuals lack the ability to obtain a second mortgage or a home equity line of credit; as a result, their options for repaying debt are severely constrained.
Nonetheless, taking out a second mortgage or a home equity line of credit is merely a band-aid that conceals the underlying issue. They are only temporary solutions, particularly if you are unemployed or only working minimum hours, and they must be repaid ultimately.You are only making the minimum payments on your credit cards. Or, are you making late credit card payments and incurring exorbitant late fees and interest rates? These are early indicators that you may need to contemplate bankruptcy.
The prevalent occurrence of phone calls and/or letters from bill collectors and creditors is a further warning sign. When individuals are typically 30 days delinquent on their credit card, auto, or mortgage payments, collection calls and letters begin to arrive. Bill collectors are not always the most pleasant individuals, and the constant calls to your home or place of business can be a major source of tension in your life.
The act of borrowing money is a warning sign. The practice of borrowing from Peter to pay Paul is one in which many creditors become entangled. A debtor may borrow money from a friend or their employer in order to pay their landlord, or they may take out a cash advance on one credit card in order to pay another. This is a hazardous game to play because, in essence, the debt accumulates and grows over time.
Unmanageable debt can wreak havoc on your personal life, cause a substantial amount of tension, and negatively impact your marriage. People in these circumstances should always consult with a qualified bankruptcy attorney. A counsel will be able to provide invaluable insight into the bankruptcy procedure and how it may benefit them. There is no reason why anyone should continue to live with unpayable debts hovering over their head. If you wish to learn more about your bankruptcy options, contact an experienced San Antonio bankruptcy attorney without delay in order to reclaim your life.""
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