Bankruptcy Indicators

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
    • You are paying monthly minimums on your cards and the balances are increasing
    • You are only able to make the minimum payments on your cards
    • You are current on mortgage and car payments but not on unsecured monthly payments
    • You are behind on your mortgage payments but want to catch up
    • You are facing foreclosure and you would like to try to keep the house
    • You already had a foreclosure or car repossession and have a deficiency
    • You are unable to keep up with a house mortgage and wish to surrender it
    • You have a delinquent second mortgage or home equity line of credit
    • You are delinquent on HOA or condo fees
    • You are being contacted by creditors by phone, mail or social media
    • You have had one or more vehicles repossessed
    • You owe state or federal taxes
    • You have small business related debts
    • You are unable to make your student loan payments
    • Your are making student loan payments, but feel they are too high
    • You have judgments and/or judgment liens
    • You are more than 30 days behind on your bill payments
    • You are being contacted by collection agencies
    • Your wages or your bank account may be garnished or levied
    • You have high medical bills not covered by insurance
    • You are facing issues with MVA registration
    • You owe parking tickets or other traffic violations
    • You have debt relating to a divorce
    • You do not have a substantial amount of savings
    • You need a fresh start

The above list is not exhaustive. There are numerous reasons for filing for bankruptcy.