When To File

When To File
You should consider bankruptcy:

When you cannot reasonably pay your bills;
If your monthly debt is 1.5 times your monthly income. For example, if you have a monthly net income of $2,800 but your monthly expenses are about $4,200;
If you are more than two months late on your bills;
If you get a foreclosure notice from the bank or a lender;
If you are depressed about your financial situation;
If your income does not sufficiently pay off or pay down your bills;
If you cannot budget yourself out of debt within four years;
If your loan or mortgage has been "called" or accelerated;
If you have withdrawn from your 401(k) account to pay regular monthly bills;
If you have a severe financial setback such as the loss of a job or a major surgery without medical insurance.