Filing for bankruptcy is a big decision that can impact your financial future. If you aren't sure if you should file for bankruptcy, or if you may be able to get out of debt without filing, read on for helpful information and signs that it's time to file for bankruptcy to get out of debt. 

1. You're Borrowing Money

If you're borrowing money left and right from family, friends, or from a paycheck loan company, you could end up in debt quickly. Borrowing often and then not being able to pay back the loans is going to cost you in interest, and could cost you relationships as well. If you're borrowing money often from others and aren't able to pay back the loans, or are borrowing money to pay back the loans, you may want to consider filing for bankruptcy.

2. You're Behind On Bills

Falling behind on bills can happen, but if you're behind on your bills and are months behind, you could have a hard time getting caught up. At some point, your creditors are going to begin repossessing your belongings such as your home, vehicles, electronics or even furniture. Other creditors will start shutting off your utilities such as gas/electric, water, cable, or phone. When this happens, it can be difficult to have your utilities turned back on again without having to pay a large down payment.

3. You Don't See An End In Sight

If you don't see an end to your hard times in sight, it may be time to file for bankruptcy. If you're laid off, or it's just a slow time at work, you may see an end in sight, but if you're unemployed, or even if you are employed, and don't see any way out of debt, or don't think you will be able to find a job anytime soon, you should consider filing for bankruptcy to help you.

4. Your Debt Is Taking A Toll

If your finances are taking a toll on you, it could also be taking a toll on you mentally, physically and even affecting you personally, it may be time to file for bankruptcy. Working extra in order to pay your bills, but still not making any headway could lead to extra stress and may be causing you health problems. If you are having financial issues, it could also take a toll on your relationships. Filing for bankruptcy can improve your financial life and other aspects of your life as well. 

If you are considering filing for bankruptcy, but still aren't sure, consult a bankruptcy attorney for help.