When is It Time to File Bankruptcy?

How much Debt is too much debt?
Time to File Bankruptcy?

Actually, any debt is too much if you can’t make the payments. Debt size isn’t so much determined by dollar amount as its impact on your finances.  Debt

Do you have too much debt? Most people have some level of debt, which may include a combination of mortgages, student loans, personal loans and credit card bills. As long as debtors haven’t taken out more loans than they can repay, having some debts is a normal part of life.

But at what point does some debt become too much debt? The answer will vary from person to person, depending on how much they owe versus how much he or she can afford to repay.

Warning Signs of Too Much Debt If you fear your debts are becoming too high, watch for these warning signs.

• You’re receiving harassing calls from creditors trying to collect.
• Your unsecured debt is equal to or more than your annual salary after taxes.
• You’re paying the minimum on monthly credit card bills. This approach can  take years to pay off your balance.
• Your credit cards are maxed out.
• You’ve been turned down for new lines of credit.
• Your bank account balance is regularly at or below zero.
• You have no emergency fund.
• After paying your bills, you have no money left to spend on basic extras, like ordering food or seeing a movie.
• You’ve using payday loans.
• You use one loan or credit card to pay off another loan or to pay regular bills
• You pay your bills late.

If you said yes to more than half of debt warning statements, it may be time to speak to the bankruptcy attorneys at the Law Office of Christopher German and find a way out.

Contact The Law Office of Christopher German 720-675-8070 and become armed with the facts and details you need.

You’ll be glad you did!

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