Many people do everything they can to avoid filing for bankruptcy. This is often because they feel ashamed or afraid of taking this course of action. However, if you find yourself in this situation, you're not alone. According to LegalJobs, nearly one in four U.S. survey respondents are on the brink of medical bankruptcy, and many more are at risk of bankruptcy for other reasons. Here are a few signs that it may be time to hire a bankruptcy attorney.

You Don't Have the Means to Pay Off the Debt You Owe

One sign that it may be time to reach out to a bankruptcy lawyer is that you don't have the means to pay off the debt you owe. Maybe you lost your job, got divorced, or became sick or disabled. Regardless of the reason, if you don't have the money to satisfy your debt, bankruptcy may be the ideal solution for your situation.

You're Making Payments but Not Getting Anywhere

You may benefit from hiring a bankruptcy lawyer if the monthly payments are more than you can afford to pay each month. Interest can be extremely high on credit card bills and medical bills. In some cases, you may only be paying interest on the debt you owe and never seem to be paying any part of the principal. Bankruptcy may allow you to eliminate or manage your debt, both secured and unsecured.

You're Being Threatened With Lawsuits or the Loss of Your Home

Lastly, if you are threatened with lawsuits or a possible foreclosure, you may benefit from talking to a bankruptcy attorney. They may be able to stop lawsuits, prevent wage garnishments, or even enable you to keep your home if you can continue paying most of your mortgage. It's best to reach out for professional assistance before things spiral out of control.

If you're struggling to pay your bills and have debt collectors harassing you, you may benefit from consulting with a bankruptcy attorney. During a consultation, an attorney can look over your debt and your income and help you determine if bankruptcy is the right course of action for your situation. If you are overwhelmed by your financial situation call Wendy M. Mead, Attorney for a free consultation to discuss your financial situation and options.