A Baltimore bankruptcy, divorce and personal injury attorney with more than 18 years of experience.

Protecting your financial future by knowing when to seek relief

On Behalf of | Jul 21, 2020 | Bankruptcy

It may come as no surprise that dealing with the trials of financial struggle can be a harrowing process. Although you may take every possible measure to keep such hardships at bay, such a goal might not always be a simple task as taking on at least some level of financial obligation could be a part of life.

The tricky part is keeping financial obligations from turning into potential concerns, and with high interest rates on most credit accounts, balances can build up in a hurry. In some cases, part of protecting your financial future may include knowing how to tell if your current monetary load has surpassed a manageable level.

Spotting the signs

When it comes to dealing with debt, there are several signs that may indicate the presence of a growing financial concern. Some things to be mindful of when taking inventory or your current situation may include:

  • Rising balances: If you constantly struggle to make more than the minimum payment due each month on your financial obligations, the balances on each of your accounts may only continue to rise.
  • Maxed out accounts: As balances rise, there is a chance you may wind up carrying one or even several accounts with maxed out balances, which could be a sign of a growing concern.
  • Credit score: Dealing with debt can take a toll on your credit score and as time passes, you may start to experience a variety of repercussions, such as the possibility of receiving a denial when applying for credit.
  • Losing count: As your financial obligations continue to build, you might even reach a point where you feel uncertain of how much you owe, which can be a stressful experience.

Even if you feel it might be time to consider seeking relief from debts, the concept of exploring your options and choosing the best path forward could seem somewhat intimidating.

Seeking guidance

Choosing a path with which to pursue relief from the burdens of debt can be challenging at times, especially without previous experience in such matters. With so much at stake, it could be in your best interests to speak with someone with intricate knowledge of federal and Maryland state bankruptcy laws for much-needed insight on all your available options. In doing so, you may find yourself in a much better position to make informed choices about your situation and reduce or eliminate your debts through the proper channels.