If your spouse has confessed that they have credit cards you don't know about, along with significant amounts of other types of debt that have been hidden, you need to get to the bottom of what's going on with your finances. You do not want to end up in financial ruin, and you'll want to contact a lawyer right away if your spouse thinks you may need to file for bankruptcy.

After a thorough investigation of your finances, the bankruptcy lawyer will quickly act to file for bankruptcy if you have a probable case. Here are some of the most important key factors in the case.

Debt-to-Income Ratio

The lawyer will look at your debt-to-income ratio. This is the amount of debt you have compared to the amount of money you have coming in. If the ratio is overwhelmingly high and it shows that, with your current income, it would not be possible to get yourself out of debt and live a normal life, it may be time to file for bankruptcy.

Amount of Unsecured Debt

Secured debt that has equity and low liability is manageable debt. Debt that is unsecured, like credit cards, installment loans, or unpaid bills, are difficult to pay off, especially if interest rates and late fees are continuing to increase the amount of debt. The lawyer will need to get all these details to accurately assess your case.

Assets at Risk

If you are currently at the risk of losing your home, having your vehicles repossessed, having utilities shut off and other life inconveniences, you want to ask the lawyer to help. You may need them to step in to get extra time for all of these bills and to try to take action to help you save all of these important things in your life.

There are a lot of things that you may need to work out with your spouse once you are able to get your finances under control, but getting your finances under control is something that will need to be done quickly. A bankruptcy attorney can work to settle debts, negotiate payments, help you refinance to pull equity out of assets if possible, and more to get rid of your financial burdens.

Don't hesitate — start getting your financial records from the last few years in order. From there, you can start a bankruptcy application with a bankruptcy attorney if possible.