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10 Questions to Ask Yourself if You are Considering Bankruptcy

Updated on March 3, 2013

Are You Considering Bankruptcy?

Are you experiencing signs that you may be in financial trouble? How do you know if your problems are serious enough to make you a potential candidate for bankruptcy? Should you contact a bankruptcy attorney to learn more about bankruptcy proceedings? Ask yourself these 10 questions to help you determine your status:

10. Do you spend more than you earn?

If you consistently run out of money before the next paycheck arrives or routinely put everyday expenses like groceries or gasoline on credit cards because there is no money available, this is a clear sign that you could be nearing a financial crisis.

9. Do you only make minimum payments on your credit cards each month?

You'll never lower or eliminate debt by making only the minimum required payments.  The best you can hope for is maintaining your level of debt.  You're not making any progress this way.

The Truth About Bankruptcy

8. Do you take cash advances from one credit card to pay another?

This is a big red flag warning you of coming trouble. 

7. Have you maxed out some or all of your credit cards?

You have been using credit cards as your safety net, but soon, the net will be gone.  What will you do then?

6. Are creditors harassing you?

Creditors are calling you and sending you letters demanding immediate payment.  They may even be calling you at work.  Now is the time you need to consider how you will resolve your financial issues.

5. Are you and your mate arguing more frequently about finances?

Many relationships have been torn apart by money problems.  If you and your spouse are getting into recurrent quarrels over where the money went and how it was spent, it could mean you need a way to resolve your financial problems before they create major marital problems.

4. Do you owe more on your car than it's worth?

Creditors call this an upside down car loan.  If you find yourself in this position, you may find it extremely difficult to trade in your car if you need to get a new one.

3. Have you been turned down for a loan recently?

This could be a sign that your debt to income ratio is now unbalanced.  Check your credit score to see where you stand.

2. Do you live in fear of an unexpected expense?

If you have not been able to save enough money to be able to pay for an emergency car repair or to replace an appliance that dies unexpectedly, you either don't manage your money well, have too much debt or don't make enough income.

1. Have you started thinking about bankruptcy?

That is probably the most telltale sign that talking to a bankruptcy lawyer would be a wise idea. Many bankruptcy attorneys offer a free initial consultation that will help you decide if a Minnesota bankruptcy is a viable solution for your financial troubles.

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