Bankruptcy number shave increased in the last few years, largely due to spikes in unemployment and drops in property value. In 2009 more than one million Americans filed for bankruptcy as a means of recovering from their unmanageable debts. Filing for bankruptcy is unfairly stigmatized because of the capitalist notion that one ought to be able to "pull themselves up by their bootstraps;" however, this is not always an option. Bankruptcy is actually a great way of making your debt more manageable.
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Indications that You May Be Bankrupt
Frequently, people do not realize the dire states of their finances until they begin to miss payments, default on loans, and receive harassing calls from angry creditors. If you do not want to go in the red, keep a look out for these warning signs of financial trouble:
- Unable to obtain health insurance-The health and wellbeing of you and your family should be a top priority. If you currently living without health coverage, you may want to reorganize your spending priorities and obtain coverage, or begin to seriously investigate your financial situation.
- Maxing out credit cards-It is recommended that people only spend 30% of their allowed spending on their credit card. Any more than this may indicate that you have a spending problem. Maxing out your card means that you will collect a hefty amount of interest on top of what you already owe.
- Owning more than 3 credit cards-Compulsive spenders oftentimes obtain multiple credit cards so as to spread out their debts; however, this is fallacious reasoning. If you own more than 3 credit cards, the likelihood that you will spend beyond your means is high.
- Delinquent payments-If you are unable to pay your bills on time because you are living paycheck to paycheck, this is a strong indicator that you are currently "in the red," or, owe more than you own.
- Over-using home equity loans-Over borrowing on the equity of your home is a risky endeavor, and may compromise your financial future.
Recovering from Debt
If you are experiencing any of the above warning signs, you may be nearing bankruptcy. Instead of continuously struggling to stay financial autonomous, you may want to consider the benefits of filing for bankruptcy. Depending on the circumstances of your debt, bankruptcy may be able to:
- Discharge some of your debt
- Consolidate your debts in one manageable payment
- Stop creditor harassment
- Reduce or eliminate high interest rates
- Extend the deadline for when you must have debts repaid.
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