Bankruptcy: Signs that may indicate a need for relief

| Aug 20, 2020 | consumer bankruptcy | 0 comments

There could be a multitude of individuals in Kentucky and across the nation who feel they are no stranger to the trails of dealing with financial strain. However, many of those facing similar challenges might not be certain of how to tell when their debts turn from manageable to a growing concern. There are a variety of issues that could indicate a need for financial relief and knowing how to spot the signs of such issues could help a person prepare to protect his or her future through outlets such as bankruptcy.

Recent studies indicate that one of the most common signs of financial struggle may involve efforts to make more than the minimum monthly payment on accounts. Even if consumers are able to make all payments on time, those who can only afford to pay the minimum due might be only one unexpected financial expense away from a potential disaster. Studies suggest that those who carry a maxed-out balance on one credit account, or even multiple accounts, may also face similar challenges.

According to studies, being turned down for credit could also be a sign of a need for relief, as this could indicate that one’s credit score has taken a hit. In some cases, those who carry high balances on multiple cards may also be at risk of being denied when applying for additional lines of credit. Experts also indicate that those going through prolonged bouts with debt may also be more inclined to lose track of the overall scope of their debts, which could also indicate a growing monetary concern.

Knowing how to tell when it might be time to seek relief may still only be half the battle, as knowing how to prepare to achieve such a goal through outlets such as bankruptcy can still be a complex process. Those who face a similar scenario and wish to know more about the next steps to take to safeguard their finances could benefit from obtaining guidance from an attorney early in the process. An attorney in Kentucky can assist a client in developing a strategy to seek debt relief through the proper outlets and subsequently assist him or her in navigating the process.