Bad financial times strike anyone no matter how financially responsible they are. These times are caused by unexpected events like the death of a loved one, a serious illness or accident, or a job loss. There are times where it is not necessary to contact local Kansas City bankruptcy lawyers for help. Sometimes things can improve by having family members take on second jobs or sell unused possessions. There are times where things are simply beyond oneís control. It turns out that it is time to consider filing bankruptcy. Here are some indications that you should consult with a local bankruptcy attorney for advice.
You Are Unable to Borrow More Money
You have tapped out all of your existing credit cards or you have used up all of your homeís equity. Perhaps you have even taken a loan out on a car that you own. Whatever the case may be, you are so top-heavy financially that you have no more money to borrow and, as a result, you cannot borrow anything more. If you were relying on some of these lines of credit or credit cards to help you pay emergency medical bills or regular utility bills, you obviously can no longer sustain those payments. This can cause another problem which puts you in even more of a financial bind.
Your Credit Score is Bad
Even if you had the opportunity to borrow some money, you would not qualify because many late payments or unpaid bills have caused your credit score to hit the 500s or less. In todayís financial world a good credit score is a form of currency. It can help you get the money you need which, in better times, you would happily and responsibly pay off. When your credit score is bad, every lender and creditor takes notice. If you cannot borrow more money and you have pressing bills to pay, you may start to feel scared or helpless. This is because of the next sign that it is time to declare bankruptcy.
You Are Getting Final Notice Letters
It is bad enough to see letters coming in the mail with bold red letters reading ìFinal Notice.î It is even worse when those letters start coming in via Certified Mail. You have to sign for these frightening reminders that everything that once was in your control is now beyond it. To overview, you might be feeling the pressures:
- You worry at night what might get cut off first? Will it be the cable, the cell phone or the electric?
- Your debts have been passed off to collectors who call constantly.
- Some creditors call a dozen times a day. In this case, you might be happy about the idea of the phone getting shut off.
At this point, you need to consult with your Kansas City bankruptcy lawyers. Filing bankruptcy is a legal tool to help you get back in control of your finances. It can actually save your credit as well as your sanity.