Financial trouble can quickly sneak up on people. Often, getting behind on bills happens slowly and many people don’t know they’re in more debt than they can pay off until it’s too late. Here are some of the warning signs you may need to file for bankruptcy and how to get help from an experienced Texas bankruptcy lawyer. 

You Spend Too Much On Credit Card Bills Every Month 

If you spend more than 20% of your take home pay every month to pay down your credit card bills, this could be a sign that you owe more than you can feasibly cover. 

You Use Credit Cards to Buy Necessities 

Using credit cards to buy necessities like food and household items is also an indicator that it may be time to look at your options for filing bankruptcy. 

Credit cards should be used to build your credit by purchasing leisure or entertainment commodities, not to make ends meet. The ideal way to use a credit card is to carry roughly a 30% balance on your available credit at all times while making regular, on-time monthly payments. 

You Have to Borrow Money From Friends or Family 

If you’re asking friends or family members for money to pay bills or cover the cost of groceries, you should evaluate your finances and consider all of your options for debt relief. You may qualify to have your debt discharged if you owe a large amount of debt and/or have very little income to pay it down. 

You Need a Co-Signer to Obtain a Loan or Credit Card 

Another sign that bankruptcy may be on the horizon is if your credit score is too low to obtain a loan or a credit card in your name. If you need a co-signer, you may need to file bankruptcy. 

Contact Sims Bankruptcy Law, PLLC Today  

Are you struggling to pay off your debts or to make ends meet? Have you considered filing for a Chapter 7 or Chapter 13 bankruptcy? It’s important to get legal help as soon as you can. While you may be tempted to file for a DIY bankruptcy without the assistance of a lawyer to save money, this can end up backfiring and costing you more in the long run. 

Call Sims Bankruptcy Law, PLLC today for a consultation to discuss the facts of your case at 469-751-7467 (DFW) or 254-304-7161.