Although many people face periodic money troubles, sometimes, finances can get out of control to the point of no return. That means there's really no hope of being able to repay all the debt being accumulated, without the intervention of a lottery win or, more practically thinking, filing for bankruptcy. You may not have reached the point of no return just yet, may have reached it and not realized it or you could be in complete denial.

1. You're Financing Life On Your Credit Cards

If all the purchases you make lately, including groceries, rent and other necessities, are all being tacked onto your credit card debt, serious financial trouble could lie ahead. If everything is being financed, that's a good indication you're cash-flow negative and either not managing your budget wisely or simply don't have enough money to go around. Eventually, all that financing will catch up with you, leaving you with limited options and a bleak financial future.

2. You Don't Even Know What Your Actual Debt Is

Despite consumer debt being in the trillions, many people don't even know how much they actually owe, which is not a healthy sign. While you don't have to know to the exact penny, you should be aware of what your debt is, along with having a plan to work your way out of it, or at the very least, manage it in the short-term. If you don't have a grip on your debt, it probably has a grip on you.

3. Bill Collectors Have You On Speed Dial

When your phone is constantly ringing and your mail box is always full and it's all because of debt collections, something is wrong. Every now and then, people may fall behind on a bill or two; however, when it becomes so regular that communications with debt collectors is non-stop, you are probably in over your head. That unsecured debt can likely be discharged under the provisions of a Chapter 7 bankruptcy and thereafter, it would be illegal for the collectors to contact you. As difficult as the decision to file may be, it might also be the best thing you can do for yourself, under the circumstances.

4. You're Barely Making Minimum Payments

Every month the bills come in, but all you can do is make the bare minimum payment, leaving you with little or nothing to live on. If that scenario is repeating itself too often in your life, think about how you can stop this difficult and depressing cycle, through the process of filing for bankruptcy. Once most of those pressing bills are gone, you can think about rebuilding your credit, your savings and your sanity.

5. Your Blood Pressure Rises When You Think About Money

Money problems can literally raise your blood pressure, putting your health (and happiness) at risk. Maybe instead of continuing to fight a losing battle, you'd be better off consulting with a bankruptcy attorney, who can help you sort out your financial life and eventually, put the rest of your life back together. Bills, although an important responsibility in life, shouldn't threaten your health or longevity and if that's exactly what they're doing, you need real help.

Sitting down with a bankruptcy attorney should prove enlightening to you, no matter what you eventually decide on doing. It could be that you simply need to buckle-down on your spending to save your financial self or you might be advised to file for Chapter 7 bankruptcy, which allows you to discharge most unsecured, or Chapter 13, where you make a plan (with the court's approval) to repay your debt on a certain schedule. Either way, though, what's most important is that you recognize the problem you're facing and do something about it. To learn more, visit Todaro David M Co LPA.