Far too frequently, anxiety related to one’s own financial situation can prevent an individual from accepting the problems he or she is facing and can hinder any progress to remedy the situation. The consequences of this denial can be disastrous for a person’s financial present and future as debts continue to grow at a rate far exceeding any increase in income. Left unchecked, this can result in the repossession and seizure of your property, significant damage to your credit score, and other notable adverse effects.
Financial Warning Signs
Bankruptcy is one of the few topics that may be even more challenging to address than one’s finances. Despite the opinion held by some, filing for bankruptcy protection does not constitute any sort of personal failure or blatant desire to shirk your responsibility to creditors and service providers. Typically, it affords you the opportunity to make different repayment arrangements so that you can better manage your funds. Some signs that it may be time to consider filing for bankruptcy are:
- Multiple accounts are being placed with collections agencies
- Consistently late payments
- Inability to meet minimum payment requirements
- Struggling to pay for essential utility services, housing, food, or clothing due to financial obligations
Taking a more proactive stance regarding your financial circumstances and addressing your challenges head-on can help you to begin resolving the effects of past mistakes or difficulties so that you can build a stronger foundation for your future. To learn how filing for bankruptcy can make an immediate and lasting improvement, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.