QUIZ: Bankruptcy Warning Signs
Answer 'YES' or 'NO' to the following questions:
- Do you ever use one form of credit, such as a line of credit or debt-consolidation loan, to make payments on other debt?
- Have you taken one or more cash advances greater than $500 in the past few months?
- Do you ever borrow to meet regular expenses, such as food and utility bills?
- Can you barely make the minimum required payment on bills?
- Are you so far behind on credit payments that you are being pursued by collection agencies?
- Are your financial problems impacting your health or relationships?
- Have you or your spouse recently been laid off or lost your job?
- Have you recently been through a divorce or expect to go through one soon?
- Do you spend more than one-third of your take-home pay on housing?
- Do you spend more than one-quarter of your take-home pay on your total transportation needs (car payment, car insurance, repairs and gas)?
- Do you owe two months salary or more on your credit cards?
- Are you using one-quarter or more of your take-home income to pay credit card bills and personal loans (excluding mortgage payments)?
- Are your revolving credit cards charged to the limit?
- Have you bounced more than one check in the past year?
- Are you without any savings?
- Are you behind on house or auto payments?
- Are your creditors threatening to take your car, house, or other property?
- Are you behind on your taxes or owe the IRS?
- Are your creditors threatening to garnish your wages?
