Topic: What are some signs that someone might be headed for bankruptcy?

What are some signs that someone might be headed for bankruptcy?

Forum Family Money What are some signs that someone might be headed for bankruptcy?

This topic contains 8 replies, has 2 voices, and was last updated by  Marcus .

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  • This is a delicate topic for me, but I’m hoping that someone in here can help me and give me some advice.

    My parents went through a divorce recently, and now I’m worried about my dad. I won’t go into all the details here, but one thing that worries me is that I’m afraid he’s having troubles with his finances… When I ask him, he says everything is fine, but I don’t believe him anymore.

    Can anyone tell me what are some of the signs that someone is headed for bankruptcy? Are there ways to tell for sure?

    There are different signs that a bankruptcy might be coming, yes. If your dad seems to always be using a credit card to pay for anything he buys, it might be a sign that something is wrong. If he is always borrowing money, and he has no savings, those are also signs.

    And if he receives letters or phone calls from angry people who want to get paid, then the situation is really, really bad. More than a sign that a bankruptcy might be coming, it’s a sign that something needs to be done as soon as possible, before everything gets even worse!

    That’s scary… I don’t think he is receiving letters and phone calls like this, or at least I hope not. But I’m not with him all the time, so I can’t know for sure.

    There are other signs. For example:

    • Your credit card balances are near the limit
    • You can’t make minimum monthly payments on your debts
    • You skip buying some necessary items because you can’t afford them
    • You have to take new loans just to make payments on your current ones
    • Your bank account has been negative for more than a full month
    • Your creditors keep harassing you

    If a few, or all of these things are happening to your father, he needs some help. Bankruptcy isn’t fun, but it can help take back control of financial issues.

    According to what you’re saying here, I think the situation is very serious… But if he denies that he is in trouble, I know he won’t be asking anyone for help. What kind of help does he need? And how could I make things easier for him?

    I think it’s sweet of you to be concerned about your dad and to want to help him. I guess he should get debt counselling. Or get in touch with an insolvency firm.

    I’m sure an expert could help him figure out what the best option would be. Maybe bankruptcy will be the only good option for him, but maybe there could be other solutions as well…

    If he doesn’t want to get help because he doesn’t want you to worry about his situation, I guess you’ll have to try to talk to him… To let him know that you’re already worried, and that you only want him to get the help he needs.

    Thank you. I think it won’t be easy, but I really want to help him out. I’ll need to have a conversation with him soon.

    Maybe you should recommend Harris & Partners to him. They’ve helped me with my own bankruptcy a couple years ago, and I think it really would have been a lot more difficult without their help.

    Tell him that there’s nothing to be ashamed of. Bankruptcy is not a tragedy, it’s something that feels liberating.

    Thank you. Thank you everyone for your help! Now I just need to talk to my dad about all this.

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