While Jeff Foxworthy had a decent schtick going a number of years ago (see, e.g., “You might be a redneck if…”), Las Vegas bankruptcy is no laughing matter if you’re the one who needs to file.
But how do you know if you need to file? What’s the difference between someone who needs to file and someone who is just struggling through a rough patch?
Here are 4 signs that you probably need to file for bankruptcy:
1. You can’t make the minimum required payment on your credit card. A lot of people voluntarily only make the minimum payment. But if you’re financially unable to make more than the minimum payment, that’s a sign that you might be better served by a bankruptcy filing.
2. You need credit cards just to keep your head above water. That is, if not for your credit cards, you wouldn’t be able to make it through the month financially. You wouldn’t be able to put food on the table, pay your utility bills and take care of other basic expenses.
3. You have been jobless for over six months (and you don’t have a trust fund). If you haven’t been earning income for at least 6 months, then you’re likely feeling the walls starting to close in around you financially. It’s hard to hold out that long. And bankruptcy protection may be the best way to protect yourself.
4. You are not able to save any money for a rainy day or for future plans. If you’re not able to put some money away, then you’re setting yourself up for big problems when the rainy day comes .
If you’re facing debt problems and unsure whether bankruptcy is the right decision for you, please feel free to contact a Haines & Krieger attorney at 702-880-5554 for a free initial consultation. We’re a trusted source for the Las Vegas community and are always happy to share the benefit of our experience.