Taking out loans or using credit cards is sometimes necessary to build a credit profile. However, when the amount you owe becomes unmanageable, it can be stressful. As such, it’s crucial to monitor your finances. This will allow you to quickly recognize when you need assistance from a bankruptcy lawyer. The following guide outlines a few warning signs to be aware of that indicate a debt problem. 

3 Signs You Should Contact a Bankruptcy Lawyer

1. You Only Make the Minimum Payments 

Only paying the minimum amount due on your credit accounts every month could lead to seemingly endless years of payments. That is because these accounts often include interest and fees, which could mean you end up paying twice the amount you actually spent.

2. You’re Using One Form of Debt to Pay Off Another

If you have to use one line of credit to make the minimum payments on another account, you might be in the midst of a financial hardship. This habit creates an endless cycle of debt. Although you might bring the balance down on one account, you’re inevitably carrying the same amount overall on your profile.

3. You Can’t Afford to Save 

A common sign of struggling with debt is when you don’t have any additional funds available to put into a savings account. Having a safety net is crucial, as it ensures you have protections in place in the event of an unexpected crisis. Without a savings, you’ll be forced to rely on your credit accounts, inevitably increasing your debt even further.

If you think you’re facing a debt problem and need legal assistance, turn to the team at Padgett & Robertson, Attorneys at Law. Serving residents throughout Mobile and Southern Alabama, these experience bankruptcy lawyers will work with you to evaluate your finances and take the necessary steps to regain control over your situation. Visit them online or call (251) 342-0264 to learn more about how they will help you.

No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.