15 Signs that it’s Time to File for Bankruptcy

empty wallet

For many people, bankruptcy is a last resort. As a result, you may not know whether you should continue exploring your various options or make the decision to file for bankruptcy. Bankruptcy is a big decision to make, and it should not be taken lightly. Below are some of the signs that may mean it’s time to reach out to a bankruptcy attorney and discuss your situation.

15 Signs that it is Time to File for Bankruptcy

If you find yourself in even one of the following situations, you may be in serious financial trouble. This may mean that it is time to file for bankruptcy:

  1. You are living paycheck-to-paycheck
  2. You are spending more than 20 percent of your net income on credit card bills
  3. You are dipping into your savings or retirement accounts to pay your monthly bills
  4. You are using more than two or three major credit cards
  5. You are depending on friends and family to lend you money
  6. You need a co-signer in order to get a loan
  7. You are hiding purchases from your spouse or family
  8. You lie to your spouse or other family members about your spending or hide credit card statements
  9. You are overdue on bills
  10. You are pawning your belongings to come up with cash
  11. You are unsure what you actually owe on all your debts
  12. You have tried to purchase something and had your credit card declined
  13. Your checks bounce
  14. You are getting collection calls from creditors
  15. You have been denied additional credit

If you Recognize These Signs…

If you recognize any of the above signs, you may feel overwhelmed. While this can be a difficult realization, it is an important one to make. Realizing that you are in financial trouble means that you can reach out for help and take the necessary steps to fix your situation. Our firm is here to help.

If you have any questions or concerns about filing for bankruptcy in New York, contact our firm to speak with an experienced and knowledgeable attorney. We understand that filing for bankruptcy can be a difficult and stressful time, and our firm is here to walk you through the process every step of the way. Do not hesitate to reach out.


Michael D. Pinsky, P.C. represents clients in bankruptcy actions and related matters. Please call 845-394-2616 or contact the firm online to schedule a consultation.

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