Financial freedom is a goal many Americans have. Unfortunately, millions of people across the country struggle with debt.
Excess debt makes it hard to get by, but it can also put stress on your relationships. For many, bankruptcy gives them the chance to “start over.”
Are you wondering if your financial troubles are an indication you are headed down this path, too? If so, learn about some of the signs that bankruptcy may be in your future here.
You use credit for daily purchases
Your credit cards and lines of credit should be reserved for emergencies or big purchases you plan to pay off over time. If you use these funding sources for things like gas, groceries and other daily living expenses, it may be a sign your financial situation isn’t as good as you thought it was. Using credit for things like this will only put you behind further and make your debt even higher.
You recently lost your job
If you lose your job and are the main income earner, it may be another sign of financial hardship. Without money coming in, it’s not uncommon to rely on credit to get by. When you finally do get a new job, you may find the debt is so much that you can’t really get out of it on your own. This is another sign that bankruptcy may be on the horizon.
Understanding your legal options
With bankruptcy, you can get some breathing room from your debt. It’s a good idea to learn more about the options you must find the one that best meets your needs and situation. Filing bankruptcy may be the solution you are searching for, for your financial troubles.