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 owe substantial credit cards debts and personal loans
    • You are paying monthly minimums on your cards
    • You have lawsuits filed (or being threatened) against you
    • You have judgments and/or judgment liens
    • Your wages or your bank account may be garnished or levied
    • You owe federal IRS, MD or other states tax debt
    • You owe MD CCU MVA parking tickets, insurance lapse etc
    • You are facing issues with MVA registration
    • You are behind on your mortgage payments but want to catch up
    • 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 are delinquent on HOA or condo fees
    • You have had one or more vehicles repossessed
    • You have high student loan payments
    • You do not have a substantial amount of savings

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