It’s no secret that many American families are struggling with debt. Whether it be from trying to get a better education or trying to live a lifestyle that cannot realistically be maintained, Americans are dealing with a lot of debt in different ways.

When this debt comes to be too much, what are you to do? Is bankruptcy right for you? What are the steps of bankruptcy?

If these questions keep you up at night, here are some signs to look for:

The Bills are Piling Up

Are the bills piling up and just sitting on your counter unopened? Many people see the mail and either throw it away or throw it somewhere else to forget about. Sadly, this out of sight, out of mind idea does not work when it comes to debt.

Credit card companies, collection agencies, and medical collectors will often send various notices when you are past due or delinquent. If you have stacks of unopened mail and are wary of opening it, then you might consider your options in bankruptcy.

You’re Not Sure How Much Money You Owe

If you haven’t been paying attention to the bills and letters that have been piling up, you might not be aware of how much you owe. You could have borrowed around $10,000 for a new car and made a few payments on that loan. However, with each missed payment and interest, that loan will have much more than you generally could have borrowed. If you have more than one of these instances, it would be time to consider bankruptcy.

Additionally, if you are married, are you aware of your spouse’s spending habits? With married couples, it isn’t uncommon to have one spouse not know what the other spouse’s debt is. Not communicating with each other or knowing what your spouse owes can hit you when you least expect it.

You Borrow From One Creditor to Pay Another

Many people will see other lenders offering absurd amounts of money with lower interest rates and even longer months of delayed payment. Many people will go to these other lenders to pay off the other lender while having even more money to spend on other items they could have their eye on.

It might seem like a loophole in the system, but the cycle of borrowing from one creditor to pay another is an escalation to a potentially bad credit crash. Eventually, borrowing more and more will take its toll and backfire on you. Borrowing like this only incurs more debt. If you are borrowing from one creditor to pay another, you may want to consider bankruptcy before it all catches up and collapses.

You Are Afraid to Answer Your Phone For Fear Of Collection Calls

If you cringe every time the phone rings, or you let all unknown calls go to voicemail, then you may want to consider filing for bankruptcy. Although you might not be afraid to answer your phone, you probably just want to avoid the rude & incessant collection calls by your creditors. Many bill collectors will let the phone ring until someone answers the phone. They can be relentless.

Contact us Today!

When in need of a compassionate bankruptcy lawyer, Vancouver, Washington residents know they can turn to us for real results. Our honest and friendly staff works diligently to deliver great results every time.

Please give us a call at 360-695-8886 to schedule your free consultation today, or to learn more about our services. We also have staff that speaks fluent Japanese or Spanish.