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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.