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