Sure, many feel as though they financially struggle from time to time. However, there is a big difference between that and truly being bankrupt. If you find yourself wondering whether you would be a good candidate for bankruptcy, then pay attention. Check out the following two signs that may indicate your need to hire a bankruptcy attorney as quickly as possible.

Your Debt To Income Ratio Is Too High

Take a moment and grab a pen, paper, your pay stubs and all of your bills. Write down every source of income that you have throughout the month. This includes everything such as child support, alimony, regular employment, monthly bonuses, and the spare money you make cutting the neighbors grass. You get the point. You need to total up every dollar you have throughout a single month. Then you need to list all of your expenses. This includes regular monthly bills and expenses such as groceries, personal hygiene products, and anything else that you spend money on. Total everything up and compare your income to your debt. Are your expenses too high? Then see what you can cut out or see where you can bring in more income. If you are unable to do that or simply not able to do it enough to make a difference, then you might qualify for bankruptcy.

You Cannot Get Caught Up

Even if your monthly debt to income ratio looks fine on paper, you might still find yourself having a bit of trouble should you always find yourself running behind. Why would that be the case? Well, if you fell behind on your bills due to a previous problem with employment, an illness, or a major home repair, you could find yourself having trouble getting caught up. This is especially true for those without any extra money for a savings. If you live from one paycheck to the next, one major setback can ruin you financially. Therefore, if you have tried but have been unsuccessful at getting caught up, you may want to consult a bankruptcy attorney. He or she can evaluate your situation and advise the best course of action for you to take.

With those two signs in mind, you should find it to be a lot easier to decide whether bankruptcy is something that you should look into. If you have further questions or concerns, you can always call a skilled attorney like Flippin Thomas C or a consultation.