Signs You Have Too Much Debt, And How Bankruptcy May Help in Dublin, Ohio

The U.S. Census Bureau reported in 2017 the average household income was $61,372, but average debt was $137,063. Everyone is in debt. The question is, are you carrying too much debt.

We worry about debt and struggle with its impact, but rarely do we consider the signs of owing too much. Here are significant signs that demonstrate you are in over your head and may want to consult a bankruptcy attorney.

You consistently pay bills late, if at all. If your debt exceeds monthly income, you are in too deep. Late payments increase debt and chips away at your creditworthiness. The interest and late fees that result from late payments on credit cards can make the minimum payment far more than you can afford.

You have no idea how much you owe. Many people begin to feel consumed by their debt and will avoid looking at credit reports, emails or even opening the mail. This is understandable and common among those who owe more than they can afford. However, this may lead to judgments against you which can result in garnishment of your wages. Granger Law Firm can meet with you to discuss your options and avoid these garnishments.

You’re not answering your phone. Once you are behind on monthly credit payments, debt collectors will begin harassing you with phone calls, emails and texts. Rarely will they offer to work with you on debt payments that are affordable.

Your living expenses are funded by loans or credit cards. If you are in the situation where you must buy food and gas with a credit card- this is a major sign of having too much debt. Many times the monthly payments on credit cards will eat up your income and leave you with no other choice
Your savings is kaput. An inability to save or a continual use of savings to pay debt usually means your debt is out of your control.

You are losing sleep. Stressing over debt is a national pastime, like baseball. This stress can lead to medical problems and is a sure sign you must address your debt right away. Your job and family suffer when you are unable to turn your focus away from your increasing debt. Granger Law firms believes quality of life is very important. We have been able to help many clients find their way back to peace and happiness.

You’re borrowing to pay bills. Most of my clients tell me that they have been “borrowing from Peter, to pay Paul”. Borrowing only shifts debt around, especially if you’re using credit cards or cash advances. This can quickly lead to an out of control debt situation. Granger Law Firm can help you get control of your finances and restore your security.

Can bankruptcy help?

Bankruptcy can stop wage garnishments, debt collection actions, utility shutdowns, and put a halt to repossession or foreclosure of your home. Chapter 7 Bankruptcy can eliminate significant debt and give you a fresh start. Chapter 13 bankruptcy can consolidate your debt into affordable payments with little or no interest, and help you catch up on car and mortgage payments. You are required to take a credit counseling course,, where you will receive advice on assessing finances, personal budget planning, and alternatives to bankruptcy.

The best way to make bankruptcy go smoothly is with the aid of an experienced lawyer. A bankruptcy attorney can advise you of the best bankruptcy option for you and make sure that you can file without losing any of your assets. Granger Law Firm has 15 years of experience and focuses the law firm’s practice solely on bankruptcy. Contact us today for a free consultation to go over your circumstances and discuss the best option for you.