Bankruptcy filings in America have decreased over the past few years as the economy has improved and more people are able to pay off their bills. However, many people may be forgoing bankruptcy even though they desperately need it. Many people believe filing for bankruptcy means that they must pay for a bankruptcy lawyer and associated court costs. This idea often detours many potential filers to begin with.

There are signs that can help indicate whether or not there is cause for concern. If these financial stressors are present, it may mean that a person should take a closer look at their spending habits or hire a bankruptcy lawyer to help navigate financial territory.

Common Signs of Financial Concern

Missing Payments
The first indication that debt is beginning to stack up is when bills cannot be paid as they come in. Examine whether or not your minimum credit card payments can be met. If not, there may be reason to suspect that more serious financial debts, such as car and home mortgage payments may also be in trouble.

Maxed-Out Credit Cards
Credit cards have a balance on the amount of money that can be charged to the card. Sometimes this credit limit can be increased. If this has happened too many times without the borrower repaying the full amount, the credit card company will cease allowing the borrower to increase their limit. This can begin to affect approval for other loans. If credit cards are being relied on to pay minimum household expenses because no other income in available, this also can indicate a larger financial problem.

Debt Management Does Not Apply
A credit-counseling or debt-management plan allows an outside group to manage a person's bills to help gain relief. Since these groups require income to qualify, being turned away from a debt management company means a person has no assets. This is an indicator that you may need another form of financial relief.

High-Cost Loans Look Appealing
When high-interest loans are all that is available to fund daily living or costs such as a car, it can extend the cycle of debt, plunging the borrower deeper into debt to pay off other expenses.

Home Equity Option Has Been Exhausted
A home-equity loan can be used by those that own their own home in order to pay off other debts that might have higher interest rates. If credit cards debt continues to rack up after using the home-equity option, debt can end up worse than before.

Major Financial Setbacks Can Mean Trouble
A recent study estimated that 2 in every 5 Americans would be unable to find $2,000 in a month. Should a life event occur, such as a divorce, the loss of a job, or medical expenses, these individuals could be pushed into debt.

Debt Collectors Are Calling
When debt collectors call, it means bills are over a month past due. This gets reported to a person's credit and can be put into collections.

If there is a concern about potential bankruptcy, check and see if any of these signs seem familiar. If so, contact a bankruptcy lawyer today. A legal professional can help bring address financial concerns and work to help advise the best financial steps to take to begin climbing out of bankruptcy.