3 Signs That You Should Consider Filing for Bankruptcy

Filing for bankruptcy is never an easy decision. It takes consideration, consultation, and even a change of mindset. For years now, bankruptcy has gotten a bad rep and there can certainly be some stigma attached to this path. On the other hand, those who are even thinking about filing should know the full truth, and that is that bankruptcy filings can provide immense relief to those who need it most. If you or someone you know is thinking about filing for bankruptcy, we recommend reaching out to a seasoned bankruptcy attorney in Tulsa, Oklahoma or to “Attorneys Near Me”. To discover whether this is the right time to file for bankruptcy, especially if you’re experiencing the tell-tale signs that it might be time to file, we recommend reading through these three critical signs and determining whether they fit your case. 

Thinking About Filing? 

Per Debt “There are some things you shouldn’t do if you’re seriously considering filing for bankruptcy: don’t pay creditors or debt collectors, don’t take on new debt, avoid unusual transactions (like transferring property to a family member or friend), be honest about debt and income, don’t touch your retirement funds, use common sense.

Calls From Collectors 

According to Credit “[a] huge red flag that you have too much debt is when you start receiving threatening letters in the mail or demanding phone calls from debt collectors. This usually occurs when your debts are 30 to 90 days past due. You might also get notices that a past-due account has been reported on your credit report, put into collections or charged off as uncollectible by your creditors.” 

Missing Payments 

One of the first major red flags when it comes to bankruptcy filing are missing payments. Missing credit card payments, student loan payments, mortgage payments, and the like may indicate that you are in over your head and need some dire assistance. If you’re having to choose between making your car payments on time and paying back a student loan or other loans that you may have taken out, you may want to seek some professional advice from a licensed and experienced bankruptcy attorney who can determine whether bankruptcy filing is the best option for you or not. They have been able to help clients who thought there was no way out for them, showing them instead that there is a light at the end of the tunnel. 

Credit Cards Maxed Out

If you can no longer make use of your credit cards because you have maxed out of the approved amounts, then this is definitely a warning sign, and you will definitely want to seek out the advice of a bankruptcy attorney before it’s too late. Credit card debt can be vicious, and credit card companies can be even more so. An honest and sensible bankruptcy attorney will assess your current credit card debt and determine whether a bankruptcy filing might be in your future. If you or someone you know is even thinking about filing for bankruptcy, we suggest meeting with a knowledgeable and practiced bankruptcy attorney in Tulsa, Oklahoma prior to making any rash decisions that could negatively impact your present and your future. For information on attorneys who can help, contact the Henson Law Firm. You can also reach out to us at (800) 672-3103.

The Henson Law Firm, PLLC is located at:

601 S. Boulder, Suite 600

Tulsa, OK 74119

Phone: 918-551-8995

Website: www.myoklahomadefenselawyer.com

*We are a debt relief law firm in Tulsa, Oklahoma.

*We help people file for bankruptcy relief under the Bankruptcy Code.