Take this simple test:
- Do you ever use one form of credit, such as a line of credit or debt-consolidation loan, to make payments on other debt?
- Have you taken one or more cash advances greater than $500 in the past few months?
- Do you ever borrow to meet regular expenses, such as food and utility bills?
- Can you barely make the minimum required payment on bills?
- Are you so far behind on credit payments that you are being pursued by collection agencies?
- Are your financial problems impacting your health or relationships?
- Have you or your spouse recently been laid off or lost your job?
- Have you recently been through a divorce or expect to go through one soon?
- Do you spend more than one-third of your take-home pay on housing?
- Do you spend more than one-quarter of your take-home pay on your total transportation needs (car payment, car insurance, repairs and gas)?
- Do you owe two months salary or more on your credit cards?
- Are you using one-quarter or more of your take-home income to pay credit card bills and personal loans (excluding mortgage payments)?
- Are your revolving credit cards charged to the limit?
- Have you bounced more than one check in the past year?
- Are you without any savings?
- Are you behind on house or auto payments?
- Are your creditors threatening to take your car, house, or other property?
- Are you behind on your taxes or owe the IRS?
- Are your creditors threatening to garnish your wages?
If you answered "yes" to one or more of the preceding questions, you are experiencing warning signs that indicate you may need to file for Chapter 7 or Chapter 13 bankruptcy.
|
