5 Signs it’s Time to File for Bankruptcy in South Florida


Filing for bankruptcy can be a complex process from start to finish. Deciding which type of bankruptcy is best and determining when it’s the best time to file can be difficult. Hiring a bankruptcy lawyer in South Florida can make all the difference, they can give you guidance and assistance through your bankruptcy process. There are some signs that indicate it may be time for you to file for bankruptcy in South Florida. It’s important to keep in mind that these signs don’t automatically mean you need to file for bankruptcy. Instead, these signs are a guide. If you’re experiencing any of the signs below, it may be beneficial to speak with a bankruptcy lawyer in South Florida from Brodzki Jacobs & Associates, PL.

1)      Minimum payments. Credit card companies benefit from your remaining in debt. The minimum payments set out by many credit card companies are designed to keep your debt as high as possible, often the minimum payment just pays off the interest but not the balance itself. Making only minimum payments can increase debts every single day.

2)      Your savings have been depleted. If you’ve depleted your savings in order to pay bills, you’re probably in way over your head. Mounting debt seems incredibly scary, but bankruptcy can help alleviate these debts.

3)      You’re behind on your mortgage or in foreclosure. Missing payments on such an important asset can be indicative of greater problems. You may have chosen to pay other bills instead of your mortgage, or weren’t able to pay any of your bills at all. Either way, filing for bankruptcy may help get you out of debt. Bankruptcy can even stop the foreclosure process in some cases.

4)      You owe more than you make. Debt can seem incredibly overwhelming when your paycheck simply doesn’t cover your bills. It’s nearly impossible to get yourself out of debt if you’re making less than you owe.

5)      You’re constantly called by debt collectors. Collection agencies are used by creditors when your payments have been considerably delayed. Multiple calls from multiple collection agencies are a big indication that your debts have grown out of control.

Each of these signs are not a guarantee that filing for bankruptcy is your best option, but speaking with a bankruptcy lawyer in South Florida can help determine your options. Our team at Brodzki Jacobs & Associates, PL is dedicated to finding the best bankruptcy and refinancing options for our clients. We have been serving South Florida for over 25 years! If you’re curious about how bankruptcy in South Florida may be able to help you, give us a call today at (954) 344-7737!

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