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Signs You are Headed for Bankruptcy


At Nowack & Olson, we constantly hear from clients who tell us that they never thought they would be sitting across from a bankruptcy lawyer. Bankruptcy seems to sneak up on them. However, there are some certain signs that everyone should be aware of. If you see any of these signs, then you should contact an experienced South Florida bankruptcy attorney to discuss your options.

You Have No Extra Money Left Over

Have you been able to put together any money into a rainy day fund? Or is every last cent spent before the next pay period rolls around? When you find that you have no money even to buy groceries, then chances are you are headed toward a bankruptcy.

Your Credit Cards are Maxed

Credit cards are good for emergencies, such as an unexpected car repair. But some people quickly turn to credit cards as a source of income and are soon paying everyday expenses, like:

  • Groceries
  • Gas
  • Utilities
  • Medical care

If you find that your cards are maxed, then chances are you cannot pay them down in the foreseeable future, so bankruptcy certainly is on the horizon.

You Dip into Your Retirement Account to Pay Down Debt

Your retirement account exists for the day when you can no longer work. The purpose of these accounts is to put the money away and leave it there. If you find that you are taking out a loan against your retirement account—or even withdrawing money early and paying a penalty—then chances are you are headed for a bankruptcy.

Your Bank Account is in the Red

If you find that you are overdrawing on your bank account each month, then you are only digging yourself into a deeper hole. Overdraft fees certainly add up, contributing to the financial stress. Instead of continuing to overdraw your account, you should address the real cause of your financial stress—debt.

You are Behind on Your Mortgage

Most people’s homes are their largest investment, and for that reason typically their top priority. If you are falling behind on your mortgage, chances are you have absolutely no extra money to spare. Luckily, Florida residents can often protect their home entirely in a bankruptcy.

You are Receiving Calls for Collection Agents

This is a classic sign that things have gotten out of control and that you are not able to pay your debts. Accounts get sent to collections only after you have failed to pay your creditor for several months in a row. This means that your financial problems certainly are not new—and they are not temporary, either. Fortunately, collection accounts can be wiped out in an appropriate bankruptcy.

Falling Behind Financially? Contact a South Florida Bankruptcy Attorney

At Nowack & Olson, our primary focus is on consumers just like you—people who have suddenly found themselves in debt and do not know how they will ever be able to dig their way out.

Fortunately, financial freedom is at hand. With the appropriate bankruptcy, you could wipe out tens of thousands of unsecured credit card and medical debt, along with unsecured personal loans. To learn more about your options, please contact us today by calling 866-907-2970. Initial consultations are free.

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