How Do I Know When it is Time to File For Bankruptcy?

It is typically hard for someone to admit that they might need to file for bankruptcy. However, it is important to note that if you are financially struggling, bankruptcy might be the best option for you and your future. Continue reading to learn about signs to look out for if you are unsure about whether or not you should file for bankruptcy. Our experienced New York bankruptcy attorneys are dedicated to helping you through this process.

When is it time to file for bankruptcy?

If you are facing any of the following scenarios, it may indicate that you are in financial trouble. It is important that to note that if you do relate to any of the following, it is in your best interest to retain the services of a skilled bankruptcy law attorney to help you make the right decisions for you and your financial future.

  • You are spending more than 20 percent of your net income on credit card bills
  • You are using your savings or retirement accounts to pay your monthly bills
  • You are utilizing more than two or three major credit cards
  • You are relying on friends and family to lend you money
  • You require a co-signer in order to receive a loan
  • You are hiding purchases from your spouse or family
  • You lie to your spouse or other family members about your spending or hide credit card statements
  • You are overdue on bills
  • You are living paycheck-to-paycheck
  • You are selling your belongings to come up with cash
  • You are unsure what you actually owe on all your debts
  • You have tried to purchase something and had your credit card declined
  • Your checks bounce
  • You are receiving collection calls from creditors
  • You have been rejected additional credit

If you can relate to any of the previously mentioned signs, you will likely need to make alterations to protect yourself and your financial situation. Contact us today to learn more about your options.

What should I do if these signs apply to me?

If you are facing any of the above situations, it is understood that you are feeling stressed and overwhelmed. If you recognize that you are in financial trouble, you will be able to reach out for help and look for ways to help your situation.

Do not hesitate to reach out to our firm for help. At the Law Office of Michael D. Pinksy, P.C., we are committed to ensuring that you and your future are protected. Contact us today to discuss your options with one of our dedicated attorneys.


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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