There is no formula for figuring out when you should file a bankruptcy case. However, below are some indicators you may need to file for bankruptcy:
You have lawsuits filed (or being threatened) against you
Your mortgage lender has threatened or started foreclosure proceedings against your home
You have had assets repossessed (vehicle, boat, etc.)
You are more than 30 days behind on your bill payments
Collection agencies are contacting you
Your wages or your bank account has been garnished
Most of your debts are unsecured debts
Your total debt, excluding your car or house loan, is more than you could pay, even over five years or more
You have high medical bills not covered by insurance
You owe income taxes that you are currently unable to pay
You have few assets
You have little or no savings
The above list is not exhaustive. There are numerous reasons for filing for bankruptcy, so it is important that if you are considering filing a case, you should discuss your finances with an attorney.
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