For most people, it's difficult to imagine ever needing counsel from a bankruptcy attorney. Sometimes, however, this is the best solution when you find yourself facing financial troubles. If you’ve already exhausted all means to relieve your debt burden, you often have no choice but to file for bankruptcy. Thankfully, you might be able to get your finances back on track with a detailed plan and the right aid. Consult the guide below for the warning signs that suggest you’re on your way towards bankruptcy.

How to Tell If You’re Under Financial Stress

1. Missed Payments

Skipping bill payments is the most apparent sign that trouble is brewing. However, it’s also one of the best wake-up calls to be more conscientious in managing your budget. If you find it impossible to continue making payments, it probably means you have excessive debt. This doesn’t just include credit card bills, but others as well, such as utility bills, auto loans, or mortgages. When you don’t have enough money to settle even the minimum amount on your credit card statement, then you should seriously consider hiring a bankruptcy attorney.

2. Limited Savings

When you're going through a financial emergency, but you don’t have enough funds to tide you over, you likely need to change your spending habits. Often, people who rely on their credit cards for almost every purchase find it hard to save money for rainy days. Emergency funds are essential to ensure you don’t accumulate more debt. Having money stashed away for an emergency keeps you from overusing your card in an adverse situation. Don’t wait until you find yourself in a tight spot again before saving up, or else you might go bankrupt.

3. Maxed Out Credit Cards

Maxing out your card means you’ve already reached the maximum allowable balance. This problem is bound to happen when you keep paying just the minimum monthly amount, or you use your credit card for practically everything. Keep in mind that if you frequently pay for basic expenses using your cards, it’s a sure sign that your income isn't enough to cover necessities. As early as possible, ask your bankruptcy attorney about the possibility of turning to debt relief options.

Facing financial difficulties can be stressful, and you will need a knowledgeable and compassionate bankruptcy attorney to get you through this trying time. Cronin Skilton & Skilton, P.L.L.C. in Charles City and Nashua, IA, can help you with your finances. This law firm provides personalized legal representation for wills and probate, wrongful death, civil litigation, bankruptcy, and other practice areas. Call them today at (641) 228-3318 for their office in Charles City, or (641) 435-2462 to speak with a representative in their Nashua office. Visit their website to connect with them online.