Blog
Law Offices of Chance M. McGhee

Call Today for a FREE Consultation

210-342-3400

Archive for the ‘financial crisis’ tag

Warning Signs of Financial Trouble

September 24th, 2014 at 7:30 am

Bankruptcy Financial TroubleAll of us struggle with finances at one time or another. However, for many people, that struggle may become overwhelming and feel as if it is never-ending. For those people, bankruptcy can often be the first step to gain control over their financial future.

There are certain signs that financial advisors point to as red flags that your debt has become unmanageable and bankruptcy should be considered. These signs include:

  • The balance of your credit card debt continues to increase, yet your monthly income is either staying the same or has decreased;
  • You pay only the minimum amount due on your credit cards. Some months, you pay even less than the minimum or completely miss the payment;
  • You have multiple credit cards and they all have balances on them;
  • When you receive an offer for a new credit card, you immediately apply;
  • You are using credit cards to pay credit card bills. If you have applied for a credit card, only to take cash advances in order to pay other credit card bills, that is a definite red flag to serious financial trouble;
  • You are close to or at the limit on most or all of your credit cards;
  • You are charging more each month on your cards than you are sending in for your monthly payment;
  • You are using your cards to purchase food, gas, utility bills and other life necessities;
  • Your credit cards are no longer used for ‘extras’ or for convenience sake. Instead, you are using them because you do not have any money;
  • The phone is ringing and letters piling up in your mailbox about your late bill payments;
  • You do not know the true amount of what your total credit card debt is, and you do not want to know.

If you recognize your situation in this list, then it may be time to consult with an experienced San Antonio bankruptcy attorney. Find out what your best options may be to help and get you back on the road to financial recovery.

Rebuilding Life after Filing Bankruptcy

June 21st, 2014 at 3:00 pm

filing bankruptcy, filing for bankruptcy in Texas, filing for bankruptcy, Texas bankruptcy attorney, realistic budget, financial crisis, financial stressFiling bankruptcy as an individual or a married couple can be difficult to handle. In order to improve your situation following bankruptcy, you will need to perform a couple of tasks that can help restore your finances and your emotional state. Bankruptcy not only affects your wallet, it also affects your state of mind. However, there are steps you can take to rebuild your credit and your life.

End the Feeling of Guilt

When a person files for bankruptcy, he or she will undoubtedly struggle with their emotions. For instance, they might feel like a failure or that they are worthless. The more negative thoughts you have about the situation, the harder it will be to move forward with your life. Look to the future and think positive. When you begin to do this, everything will start to fall back into place.

Develop a Budget and Pay Bills by Due Date

Make sure you put together a realistic budget for your finances and that you pay your bills on time each month. Do not make a single late payment after filing bankruptcy. This will only make things more difficult. The best way to do this is to create automatic payments that are sent each month to your creditors. This will help you prevent missing any payments. Also, put together an emergency fund in the event that you need to pay for a large project, such as a new roof, so you do not have to go back into debt to fund it.

Analyze Your Situation

After filing for bankruptcy, you need to reflect on how you got into this situation. Try to find out what went wrong and what put you so deep into debt. You need to look at how you could have handled your finances differently and surround yourself with people who will help you overcome the situation.

Rebuilding your life after bankruptcy is possible. If you or a loved one is moving towards filing bankruptcy, contact a Texas bankruptcy attorney today to discuss your rights and learn the next steps.

What to Do When You Are In a Financial Crisis

April 23rd, 2013 at 10:39 am

Going through a financial crisis can be one of the most difficult things you can go through in your life. It can cause so much stress and uncertainty. From losing a job to not being able to pay bills in a timely manner because of unexpected medical expenses or uncontrollable circumstances, you can never predict when the crisis will hit. When it does, here are some simple tips to keep your head afloat.

ChristineFirst, understand it is totally normal to feel stressed and overwhelmed – but do not let that get to you! Keep a level head and try your best to keep a positive outlook. Times may be rough but your focus on the positive will help you and your emotions. You just do not want to get all uptight and stressed. Talk to people who can support you and give you a good outlook and perspective to your situation.

Second, take a step back and look at the situation – see what it really looks like and what it all means. Taking emotions out can benefit you to understand more clearly. You want to be able to assess the whole situation and be able to strategize your solution to the issues. Ask yourself what your priority is and what is the total amount due to each creditor? Mark due dates and payment amounts – a spreadsheet might be a great tool to utilize to get you started and organized.

Lastly, figure out how you will get the money to move in the right direction. Will it be staying on a strict budget? Less spending? Getting another job? Maybe selling some of your unneeded things in a rummage sale or online? You might even have to look at what is a want and what is a need – do you really need cable at this time? Evaluating all your expenses will help you understand where you can cut and use that money to pay-off debt.

Contact a San Antonio attorney today if you are in serious debt and not sure how to go about getting rid of it. We can help you to reverse your financial crisis and get a fresh financial start.

 

Image courtesy of freedigitalphotos.net

Call today for a FREE Consultation

210-342-3400

Facebook Blog
Back to Top Back to Top