They say the spectator sees more of the game than the player. This is true in insolvency. The warning signs are often more obvious to the casual observer than they are to you. When you are in the thick of it, punch drunk from fending off creditors and juggling your budget, what an outsider would consider to be a big problem may appear quite normal to you. Pressure from creditors usually builds up over several months, possibly even years. It can be genuinely difficult to tell when the line has been crossed between honestly prioritising your financial affairs and recklessly incurring additional credit with no realistic prospect of paying back the debt. There is no definitive answer to this – and if you are in doubt you should seek independent professional advice – but look at the picture. If you are experiencing any of these problems, you may be near to or past that line.

Source: "Managing Bankruptcy and Liquidation - The practical and financial implications."
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