Bankruptcy Warning Signs
Financial Problems Do Not Happen Overnight
The seeds of a bankruptcy can be planted early without you noticing anything wrong. At the law office of bankruptcy attorney Jerrold W. Bartman, Esquire, we feel it is our obligation to educate clients in Syracuse, Albany, Poughkeepsie and throughout upstate New York on personal bankruptcy warning signs.
Do not turn a blind eye to irresponsible and excessive spending. That is a quick route to Chapter 7 or Chapter 13 bankruptcy. Contact us at (518)-864-4167 or toll free at (866)-559-7665.
Know the Warning Signs Leading to Personal Bankruptcy
Using your credit cards to pay for day-to-day or unnecessary items is where it may start. Using those same credit cards to pay bills, particularly other credit cards, puts you on a fast track towards financial problems and harassing creditor calls. Years of making bad situations worse by maxing out cards and making only minimum payments can result in the need for personal bankruptcy protection.
Below are additional warning signs. Some of these signs, such as a foreclosure action, are more serious than others:
- Home foreclosure or tax lien actions
- Car repossession actions
- Overuse of equity loans
- Little to no savings or "emergency fund"
- Inadequate or no health insurance
The Need for Budgeting to Prevent Bankruptcy
At the law office of Jerrold W. Bartman, Esquire, we encourage all our clients to have a budget. Calculate the income that comes into your house and compare it with your expenses. Operating in the red over the course of time will only increase your reliance on borrowed money.
Situations Beyond Your Control Can Cause Bankruptcy
While proactive steps and seeing warning signs can prevent bankruptcy, events beyond your control do occur. A serious medical condition can cause medical bills to pile up. Loss of a job means less money coming in to your household.
Contact Us
For more information or to schedule an appointment with an experienced personal bankruptcy lawyer, please contact us.
