Filing for bankruptcy could be a frightening experience. However, many of our clients at Bruce W. White, P.C. claim that bankruptcy saved them, gave them a fresh start, and reduced their stress about finances. If you are deciding whether or not filing for bankruptcy is the best option for you, it is imperative to recognize the warning signs that indicate financial troubles ahead.

The following are five signs which indicate that bankruptcy is right for you:

• Living paycheck to paycheck while only making minimum payments on bills. Before considering bankruptcy, it is important to be honest about your financial situation. If you spend all of your money on bills and necessities, leaving nothing as extra, how will you ever get out of the rut without bankruptcy? Another option besides bankruptcy would be to get a second job.
• Using credit cards to pay the same bills. Whether you use credit cards to pay the water bill or even other credit cards, it is time for change. Paying interest on these bills will only add to your debt until you get help.
• You are behind on your mortgage payments. If there is a chance you can lose your home, then you should seriously consider bankruptcy. Based on how far behind you are on your payments, how will you cover the ground and save your home? In addition to losing a place to live, you can lose a valuable investment.
• You get constant phone calls from bill collectors. If you avoid phone calls from bill collectors on a daily basis, consider how deep in debt you really must be. There might be a chance your debt amount is actually higher than you assume.
• Your debt causes physical or emotional turmoil. There is nothing more important than your quality of life, health, and happiness. If the debt is insurmountable with no other available options to get out of it, then bankruptcy might be right for you. Whether the stigma of bankruptcy is preventing you from freeing yourself and your family from debt or you are concerned feeling like a failure, money and material possessions are replaceable while your health and happiness are not.

If you are interested in filing for bankruptcy in Richmond, VA, schedule a free consultation with Bruce W. White, P.C. today for more information.