No one dreams of the day they have to start looking for bankruptcy lawyers. However, it's important to contact a bankruptcy attorney once the facts of your financial situation call for it. If you're unsure if you need to file for bankruptcy, here are four potential signs. Not Paying Down Principal This is one of the biggest signs it might be time to speak with a bankruptcy lawyer. If you're only keeping up with interest payments and not paying down the principal on your debts, that's a bad situation.