Bankruptcy affects so many people in this world and if you feel you’re on the brink of it, you could be.  You have to remember that you should do everything in your own power not to declare it because this can affect your credit score greatly for the next ten years.  When it comes to filing for bankruptcy, if you fall into any these categories below, you may want to consider filing.

You can’t make any credit card payments – If you can’t make any credit card payments, including the minimums, this is a huge warning sign.  What I would recommend is that you don’t charge anything else because you’re just going to dig a deeper hole.  If you can’t get a job or you just can’t get the money to pay, this is a big warning sign alone.

You are over your credit card limits – If you find that your credit cards have reached their limits and you can’t charge anything else anymore, you’ll want to consider bankruptcy.  The reason is because once you reach the credit limit, what other resources are you going to tap into?

No bills can be paid – As I already mentioned above, if you can’t pay a bill outside of your credit card bills like your mortgage, car, loans, etc, you’ll want to look at the options of bankruptcy.  Just remember though that bankruptcy doesn’t solve everything!  If you can get access to more money, by all means, do it!

Money coming in isn’t helping – If you’re spending more than what you make, you’re going to have problems.  If you have been doing this for the past 5-10 years, you’re going to have a lot of debt!  What you’re going to realize is that you’re going to need three more jobs just to come close to paying the bills.  If this sounds like you, you’re going to need help as soon as you can get it.

The phones are ringing off the hook – If you find that every phone call you get is from a creditor, you may want to declare bankruptcy just to get rid of the stress that’s involved.  Even if you’re late with 5 payments, that can potentially be 5+ phone calls a day, which can get fairly annoying.

These are just a few reasons on why you should declare bankruptcy.  Remember, don’t use this as a get out of free option because it doesn’t work this way.  You can kiss goodbye loans and  a home for the next 10 years.  If you can get more money or other jobs, by all means, do it!  Thousands of people pay off their debts and are willing to learn their lesson.  If you’re willing to declare bankruptcy, you can definitely learn how to fight your debt.