No one intends to get into financial trouble, but for many Americans, that becomes the reality. Unless you’re incredibly wealthy, staying financially stable is like walking a tightrope. You’re constantly earning, spending, and saving, while trying to maintain a balance. Unfortunately, it’s all too easy to get off-kilter and start falling into a downward spiral of debt. Fortunately, there is a safety net. If you are in dire financial straits and are considering filing for bankruptcy, here’s six questions to help you decide:

• Are you only making minimum payments on your outstanding debts?
  o If you are, it’s doubtful that you’ll ever get out of debt.
• Are you living paycheck to paycheck?
  o If you aren’t able to put aside any savings or make any investments, you’re not getting ahead of the game.
• Have you fallen behind on your mortgage?
  o Depending how far behind you are on your mortgage, you may be in danger of losing your home. Time is running out and you need to do something soon. Bankruptcy can not only give you a fresh start financially, it can stop foreclosure temporarily.
• Are you paying your monthly bills with credit cards?
  o If you are, you’re actually paying more because the credit card is charging interest. This is no way to get out of debt.
• Are you getting calls from collection agencies?
  o Along with being annoying, these calls are an indicator of how deep in debt you really are. It’s time to take your situation seriously and consider your options.
• Is your financial situation affecting your physical and mental health, causing anxiety, loss of sleep, etc.?
  o There’s nothing more important than your health. You can earn more money, buy another house, another car, but you can’t buy health. Don’t risk your health and happiness.

If you answered yes to these questions, it’s time to take action. Get out from under the dark cloud of debt and step into the light of a new beginning. Discuss whether bankruptcy is for you with the experienced bankruptcy and debt relief team attorneys at the Encino offices of Cal West Law. Call (818) 446-1334 for a free consultation.