It can be hard to know just how serious your financial troubles are. We all suffer minor setbacks on occasion, but what are the signs that it’s something more, and how can you overcome it? As trusted divorce and bankruptcy lawyers in Utah, we want you to know you have options.

You’re probably familiar with the saying, “Money Doesn’t Buy Happiness.” But we all know that having money can buy the basic necessities we all need, which can make it easier to be happier. For many of us, though, we don’t realize we’re heading into or are already in financial trouble. We can get caught up in “buying happiness” all too easily. Here are some signs that your finances may need work.

How to Know You Need Financial Help

• You Don’t Budget – When you don’t set parameters for your spending, it can be easier to overspend. Without a budget, you may be unaware of how much money you have coming in, and how much you have going out. As a result, you may find yourself using payday loans, or advances on your paycheck. You could end up living paycheck to paycheck, unable to cover all your bills, with nothing left over at the end of the month.
• You Don’t Have Savings – A common suggestion from financial experts is to have at least six months’ worth of expenses in a savings account. This amount would equal six months of rent/mortgage, utilities, car payments, groceries, and other necessary expenses for yourself and/or your family. If you’re unable to do put aside this amount of money, even over an extended period of time, you may be in financial trouble.
• You Don’t Pay Off Credit Card Debt – Another common sign of being upside down financially is the use of credit cards. While it’s true that credit cards, when used wisely, can help your credit score, they make it easy to overspend. Unpaid balances accrue significant interest, and if you can only pay the minimum balance due each month, your bill quickly goes up. If you’re not regularly paying off your credit card balance, you may need financial planning assistance. 
• You’re Facing Foreclosure – If your home is facing foreclosure due to missed mortgage payments, it’s probably time to seek financial advice. In many situations, a bankruptcy attorney can help you avoid foreclosure, as well as the loss of other personal property.

Your scenario may be slightly different than those described above, but if you would like to meet with a bankruptcy lawyer for advice, here’s what you can expect.

Do I Need a Bankruptcy Lawyer?

If your debt is piling up and you can’t get a proper grasp on your finances, you may need to consult a bankruptcy lawyer. It’s our job to ensure whether or not filing bankruptcy is the best choice for you or your business. To avoid the threat of garnished wages or seized assets it can be beneficial to file Chapter 7 or Chapter 13 bankruptcy.

When you’re contacted by creditors regarding your debt, it’s time to get in touch with a bankruptcy lawyer. We can help you assess your debt, organize repayment options, and we can represent you in any court proceedings. Additionally, we can ensure you’re developing new budgeting practices and protecting your assets.

Our family law and bankruptcy practice in Utah can get you started on bankruptcy worksheets that detail what you need to provide to file either Chapter 7 or Chapter 13, as well as help you organize your debt. We also get you situated with credit counseling to help you move forward with your finances and start fresh.