Money can be a great source of concern for many people, and all too often, your problems slowly creep up. It can be hard to know when enough is enough when you’re stuck on the inside for so long.

Portland saw over 4,700 filings for bankruptcy in 2019 between Chapter 7 and Chapter 13, two modes commonly used for individuals in debt. If you’re having financial trouble, but aren’t sure where the tipping point for considering bankruptcy sits, it can be helpful to take a long look at the state surrounding your finances.

Sinking debts

It can be hard to consider bankruptcy as an option, but there are signs that it may be the best option for you:

  • Bill troubles: Difficulty getting your bills paid could be the first sign that more problems are on the horizon. You may need to evaluate your situation when you can’t pay your bills on time, you’re using one credit card to pay off another or you’re using expensive payday advances to cover debts.
  • Home at risk: You’re probably right in considering bankruptcy the moment you think you’ll have trouble keeping a roof over your head. Losing the house can mean years of payments down the drain, but bankruptcy may be able to keep the family home in your name.
  • Collector calls: When creditors have your phone ringing off the hook, you may want to take a step back. There are ways to limit the harassment from callers, but your problems might be bigger than a busy phone when your line is always busy.
  • Dwindling savings: If you’re depleting your savings trying to keep up with bills, then it may be time to consider bankruptcy. Draining your emergency fund or cashing out investments early could all be signs that your finances are in trouble.

Identifying the warnings that might begin to circle when you’re in too deep can be the first step to getting the help you need. Bankruptcy may seem like a distant concept, but it could be time to really consider it an option.