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Everything You Need To Know About Bankruptcy In Saint Louis

Am I Going Bankrupt? 3 Sure Fire Signs...

From an outside perspective, it's usually pretty obvious to spot poor financial health. Sometimes though it's a slow-build of many factors that cause crippling money problems. What should be a clear situation can become clouded, which is why it is important to ask a professional for clarity as soon as you notice everything isn't quite right!

Here’s a quick-fire list of potential red flags which signal a path toward Chapter 7 Bankruptcy:

1. Creditors are blowing up your phone - If you consistently do not pay your bills, or are always late, you will probably receive calls from your creditors/collectors wanting to know what you plan to do to deal with your debt. These calls can range from professional to intimidating. Either way, it sucks to be on the receiving end. But folks, you can't ignore what's happening. Even if a settlement is being offered to clear your debt, be wary and consult an attorney before agreeing to any deal. Remember, their #1 priority is to make as much money from you as possible!

2. Your credit card debt keeps piling up, instead of going down – If your bill is growing each month, despite your sincere efforts to pay it down, you’re headed for trouble. Expecting to pay off your debt with only the minimum monthly payments is just not going to work when you factor in modern interest calculations and late payment fees. Also, if you’re using your credit cards on everyday purchases in place of cash, be careful. Balances can add up very quickly and if not managed proactively, they can become unmanageable before you know it.

3. You do not have much in the way of savings – Living paycheck to paycheck is tough, and chances are you have not had the opportunity or luxury of socking away a few bucks every time you get paid. Many folks live entire lives like this, always vulnerable to happenstance when things might go wrong. One unforeseen event can mean financial disaster. If you find yourself in this position, you should talk to an attorney now.

If your financial health is on the ropes even despite your best efforts, you might be on the road to bankruptcy. This does not mean disaster. Far from it. We'll have you turned around and on the road to recovery in no time. Speaking to an attorney can be the first step towards solving the problem. Whatever you do, do not ignore the problem. Call me at (314) 802-8328 with any questions.