Virtually no-one starts out thinking that they will need to file for personal bankruptcy (also called Chapter 7 bankruptcy). But for an increasing number of people, personal bankruptcy is necessary, perhaps due to loss of income, medical problems and bills, or even divorce.
Take our early warning bankruptcy quiz to see if you may be heading for personal bankruptcy. If you answer yes to any of the following questions, it may be time to talk to a bankruptcy attorney, or talk to a credit counselor to consider your bankruptcy alternatives.
Do you see yourself in any of these personal bankruptcy early warning signs?
You do not answer your phone at home, because you are afraid it will be a bill collector.You have a pile of unopened mail at home, and you know the envelopes contain past due notices from your creditors.You take a cash advance from one credit card to make the payment on another card, and then the following month you repeat the process in reverse.You only make the minimum payments each month on your credit cards.If you open your wallet or purse you have more than two credit cards that you use regularly, and that currently are carrying a balance owing.Your worry about your financial problems, and you have trouble sleeping at night.Your relationships are suffering because of your financial problems.Most people who take this quiz find it to be a shock to discover that their financial problems are as serious as they are. They often do not realize that it is not normal to constantly get calls from collection agents, and it is not a good idea to have many different credit cards.
If you see yourself in any of the items listed above, it is time to consider your bankruptcy alternatives, before personal bankruptcy becomes your only option.
Only you can take the necessary steps to improve your financial situation, so do not delay; the sooner you start, the sooner you will have a more secure financial future.