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Is bankruptcy a viable solution to your money trouble?

Has the cost of living in Florida been challenging for you to meet at times? If so, you’re definitely not alone and most people encounter financial problems at some time in their lives. How you do know, however, if your current issues are merely temporary, bump-in-the-road type problems, or if you may need to explore immediate debt relief options? There’s a fine line between struggling to pay a few bills and realizing you’re financial situation is headed for a landslide.

You may be able to avert long-term trouble by learning more ahead of time about the warning signs of a serious financial crisis. That’s not to say if you know the signs you will never face money problems in your life, but arming yourself with information beforehand will likely place you one step ahead of the game if you need to access resources to help you overcome a serious financial crisis at some point.

Key factors that suggest debt relief may be needed

You can probably relate to situations where, perhaps, a few friends invite you out on the town for an evening and you decline because money is a little tight. Although that might not be suggestive of a major financial catastrophe looming, if some of the following signs are also present, you may want to reach out for debt relief support:

  • If your available cash flow is consistently zero, even though you may pay your bills on time, you may also want to review your overall financial situation a bit more closely, as never having a penny to spare in between pay checks may be a sign of major financial trouble.
  • Are you constantly having to borrow money from family members or friends to “get by” until your next payday? If so, you may be experiencing more of a financial crisis that you initially thought.
  • It is not at all uncommon to use credit cards for major purchases; however, if you find yourself relying on credit to purchase necessities time and again, this may be a warning sign of major financial trouble.
  • Do you carry four or more credit cards with several of them maxed out? Substantial credit card debt often leads to a dire need for debt relief assistance.

If you can find creative means for overcoming your current financial problems, that’s great. Some people are able to ride things out by switching to cash only purchases or selling a few assets here or there. If you’re situation is more serious, you may be able to find a way out by accessing one of the many support networks available to help you explore various debt relief options, such as personal bankruptcy.

Where to turn for help

The B word causes some people to shy away because of the negative stigma often attached to Chapter 7 or Chapter 13 debt relief programs. Others understand that these options can be useful tools to conquer serious money trouble and to help set the tone for restored financial stability in the future. Many Florida residents have achieved successful solutions by relying on experienced bankruptcy lawyers for guidance.

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