Picture this:  you are in the middle of a pond fishing when you notice a small hole in your boat. You continue to fish, crossing your fingers and hoping it is nothing serious.   A few minutes later, you notice your feet are submerged in five inches of water.   You ignore the situation and do nothing.  More water continues to seep in. You find a cup and start to bail, but now the water is too high and your cup too small.  You try to row to shore, but realize it is too late and jump into the pond and swim ashore, losing all of your gear and your boat.  Sound like a crazy scenario? Perhaps, but many individuals take the same approach to their debt situations rather than immediately contacting a bankruptcy attorney. 

In light of the above hypothetical, it is important to know the warnings signs of when you should probably contact an attorney.   These are as follows:

  • You rely heavily on your credit cards to meet your daily living expenditures because you do not have enough cash to survive.  This is not the same as using a credit card to avoid the inconvenience of carrying cash.
  • You are consistently borrowing money from friends and/or family and show no signs of being able to pay them back.
  • Your credit cards balances are at or over the maximum limit.
  • You are making only the minimum payments and/or not able to make payments necessary to reduce your balance.
  • Collection agencies are contacting you.
  • You are using your bank’s overdraft protection for checks you cannot cover.

Some people try to a delay financial crisis by using things such as payday loans, cash advances and debt consolidation scams.  Others raid their retirement accounts, savings accounts, and other assets that may be out-of-reach from your creditors in a bankruptcy.

Before taking any of these sometimes desperate measures, it is crucial to speak with a bankruptcy attorney to learn more about your debt relief options.  While contacting a bankruptcy attorney does not necessarily mean that you ultimately file, it will help you understand that you are not without recourse.   Much like the boat example, you would not jump out and start swimming upon finding the leak.   You may learn after speaking with an experienced Kansas City bankruptcy attorney that you have options other than filing for bankruptcy.   If you do need to file, a bankruptcy attorney is well positioned to save you money, help protect your assets and assist you in regaining your financial freedom.

Contact me now for a free confidential consultation   

If you or a loved one is considering filing bankruptcy, contact my office online or call me at 913-742-8700 for a free consultation.  I will take the time necessary to evaluate your financial situation and offer you the most practical solutions that are uniquely tailored to address your needs.