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Indicators That You May Be Bankrupt

Indicators That You May Be Bankrupt
"The number of bankruptcies has increased over the past few years, primarily due to unemployment increases and property value declines. More than one million Americans filed for bankruptcy in 2009 as a means of regaining control over their unmanageable debts. Filing for bankruptcy is unjustly stigmatized due to the capitalist belief that individuals should be able to """"pull themselves up by their bootstraps;"" however, this is not always possible. In reality, bankruptcy is an excellent method to make debt more manageable.

Indications that You May Have Declared Bankruptcy

Frequently, individuals are unaware of the dire state of their finances until they begin to neglect payments, default on loans, and receive harassing phone calls from irate creditors. If you want to avoid going into the red, keep an eye out for the following signs of financial trouble:

- Unable to obtain medical coverageYou and your family's health and wellbeing should be a top priority. If you lack health insurance, you may wish to reorganize your spending priorities and obtain coverage, or you may wish to investigate your financial situation in depth.

It is recommended that individuals expend no more than 30 percent of their available credit on their credit card. Any amount above this may be indicative of a spending problem. If you max out your credit card, you will accrue a substantial quantity of interest on top of what you already owe.

- Possessing over three credit cardsThe rationale that compulsive spenders obtain multiple credit cards in order to spread out their debts is fallacious. Possessing more than three credit cards increases the likelihood that you will spend beyond your means.

If you are unable to pay your expenses on time because you live paycheck to paycheck, this is a strong indication that you are ""in the red,"" or owe more than you own.

- Excessive use of home equity loans - Excessive use of home equity loans is hazardous and may compromise your financial future.

Getting Out of Debt

If you experience any of the aforementioned warning signals, you may be on the verge of bankruptcy. Instead of continually struggling to maintain financial independence, you may want to consider the advantages of declaring bankruptcy. Depending on the specifics of your financial situation, bankruptcy may be able to:

- Eliminate a portion of your debt

- Consolidate your obligations in one manageable payment

- Stop creditor bullying

- Lower or abolish excessive interest rates

- Extend the deadline for repayment of your debts.""

" - https://www.affordablecebu.com/

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"Indicators That You May Be Bankrupt" was written by Mary under the Finance / Wealth category. It has been read 197 times and generated 1 comments. The article was created on and updated on 03 June 2023.
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