You know you do not have the most favorable financial health, and perhaps you only worry a little about the few phone calls and letters you receive from bill collectors. Should you expect deeper debt troubles? shares common financial red flags that could herald bankruptcy. Learn when to get serious about steering yourself away from an avoidable monetary quagmire.

You have large minimum payments

When you have large minimum payments for outstanding debts, you could struggle to keep up with them and pay them off quickly. Ideally, you only devote 15% to 20% of your income to debt. If you pay more than that, you could have trouble covering your other financial obligations, which may end in you filing for bankruptcy.

You only make minimum payments

Rather than large monthly debt payments, perhaps you have manageable monthly payments. If so, you may only make minimum payments each month. Doing so could give you the impression that you do a great job managing your debt. The problem with only making minimum payments is you incur interest, which only inflates your debt. Over time, it may feel like you do not make monthly payments at all, even though you see the money coming out of your bank account.

You dodge debt collectors

You could dread hearing the phone ring or checking the mail because you worry about hearing from a bill collector. If you avoid debt collectors because you do not have the money you owe them, your next call could be to a bankruptcy professional.

Bankruptcy comes gradually, like a building storm. When you recognize the signs of a financial downpour, you know when to seek shelter.