Personal bankruptcy is a concept that can sometimes go very quickly from something that's not even on the radar screen to a foregone conclusion. We see it all the time at Vohwinkel & Associates, a bankruptcy Las Vegas law firm.
Here are some of the leading signs that you might be swiftly approaching a point where important decisions must be made.
You're not sleeping nights. You're tossing and turning, your overactive brain keeping you from drifting off, or waking you up in the wee hours. Your thoughts are darkened over your stressed-out economic condition or with half-baked strategies for relieving the pressure.
You're on a first-name basis with debt collectors. This might not literally be true, but you're getting used to unfamiliar phone numbers registering on your cellphone and unwanted and intimidating letters in the mail. In fact, you can't go to the mailbox without cringing.
You're bouncing checks or incurring steep financial penalties from your bank. When your checking account balance is perpetually low, it can be easy to spend into the red. When that happens, penalties that can exceed $30 a day—sometimes a lot more—make a bad situation worse.
You're quickly approaching your credit card limits. In fact, you might have maxed out some cards already, cards with credit lines so generous you didn't ever think you'd see the day. With interest rates that can exceed 15 percent…even 20 percent or more…that balance comes at a steep price. Literally.
Your mind is filled with schemes for raising money. Is that stamp collection your grandfather gave you decades ago actually worth anything? Can't your brother afford to lend you a few hundred till payday? When was the last time you applied for a credit card? Sure, there's a penalty for early withdrawal of your 401(k)—and you recognize that it's not the smartest move—but desperate times…
You're making only minimum bill payments. It's no wonder your credit card balances aren't shrinking. You're only making minimum payments—just enough to take a little off the top of the month's interest charges. But you're spending hundreds of dollars just doing that much.
You count down the days till payday. Remember years ago when you'd lose track of time and actually be surprised when you were handed a check? Ah, those were the days. Now you call up the calendar on your phone several times a week to count down days and try to stay ahead of bills due.
A Better Answer
If you're currently experiencing one or more of these signs, it's time to contact an experienced bankruptcy Las Vegas attorney. Call Vohwinkel & Associates today. We look forward to helping you relieve your financial pressures, hold off the bill collectors and get a good night's sleep.