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Bankruptcy is a serious step. Bankruptcy carries a certain stigma that you are probably hoping to avoid. However, if you are having financial problems, you would probably like for things to be different, and you don’t know how to achieve that without bankruptcy. So maybe you are not sure what to do. Perhaps you should ask yourself the following questions.

Are You Living Paycheck to Paycheck While Only Paying Minimum Payments?

At some point, it’s important that you are honest with yourself about the old blood from a turnip logic. If you already spend every penny on bills and necessities and there is nothing extra, how will you ever get out from under it without bankruptcy? If you are honestly still spending money on luxuries and frivolous things, putting that money towards your high-interest balances could help avoid bankruptcy. Perhaps a second job would be another option, but will you have the discipline to spend that extra money solely on debt?

Are You Behind on Your Mortgage?

If there’s a possibility you could lose your home you definitely have to do something soon. Depending on how far behind you are on your mortgage, this is another situation where things have gotten too far to hope for some other solution. Unless you win the lottery, how will you save your house? Besides a place to live, imagine what else you would be losing. Your home is a valuable asset and investment that you want to hold on to at all costs.

Do You Use Credit Cards Every Month For the Same Bills?

Yes? Now you’re really just chasing your tail. Don’t be caught in that sense of satisfaction you get by paying your credit card bill when all you’ve really done is pay some regular bills, plus interest! You’re paying interest on your water bill? That is just adding debt to debt. If by chance you’re paying credit cards with credit cards it’s really time for a change.

Are Bill Collectors Calling You?

Now that we all use cell phones and social media, you may have gotten so good at avoiding the calls that you’ve forgotten they really exist. If this is an ongoing problem, consider how deep you really are. When you consider your debt, are you remembering those accounts? Since you aren’t paying on them it might be easy to overlook, when in fact your debt amount is actually higher than you already know.

Do Your Finances Cause Physical Sickness, Anxiety, and/or Loss of Sleep?

It’s very important to consider the quality of life and protecting your health and happiness. You certainly can’t undo decisions in the past that led to this situation. The decisions in and about your future are wide open. Is the stigma of bankruptcy preventing you from freeing yourself and your family? Are you concerned with feelings of failure or loss? At the end of the day, we’re dealing with money and material possessions. Both of which are replaceable. Health and happiness are not.

If you’re experiencing any of these warning signs, it’s best that you seek a consultation from an experienced bankruptcy attorney. Most initial consultations are free and they can help guide you based on what is best for your unique financial situation.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida. For more information, go to our web site or call 727-335-7151.