Indications That You May Need a Fresh Start in Bankruptcy

Signs to Look for to Determine If You Need Bankruptcy Protection

If you’re struggling to meet your financial obligations, there may or may not be any comfort in knowing that you’re not alone. Every year, more than 1.5 million Americans use the bankruptcy laws to try to resolve financial challenges. Sometimes, it’s clear that you need to seek protection, but there are other instances where you may be able to turn things around without the stigma of a bankruptcy petition. How can you tell if it’s time to talk with an experienced bankruptcy attorney?

The Telltale Signs That You May Be Headed toward a Bankruptcy Filing

There are a few clear indications that your financial problems may be spiraling out of control:

• You don’t make as much as you spend every month—It may be the result of unanticipated medical bills, a divorce or the loss of job…it doesn’t matter. If you’re spending more than you’re earning, other bad habits will follow.
• You’re consistently making payments late—If those payments are for essentials, the problem is worse. You can face foreclosure, repossession, eviction or the termination of utilities.
• You’re using credit cards to pay for essential needs, including rent, mortgage payments, car payments, groceries or utilities. Ideally, credit cards should only be used for items that can be paid off in the same month. Otherwise, you’re only adding to your debt.
• You have no savings left—If you burned through your savings to meet current expenses, something needs to change
• You don’t want to answer the phone or check the mail—You fear aggressive calls or letters from creditors or bill collectors

Contact Attorney Howard N. Sobel

At the office of Howard N. Sobel, we provide personal bankruptcy counsel to men and women throughout the state of New Jersey. Contact our office online or call us at 856-424-6400 to set up a free initial consultation. Evening and weekend appointments can be arranged upon request. We accept all major credit cards.

Named a New Jersey SuperLawyer Every Year since 2008, Including 2022