If you find yourself thinking of filing bankruptcy, you may have a lot of apprehension and questions. Bankcruptcy is a great tool available to help people hit the reset button on their finances. While the law can be tough to navigate, a bankruptcy attorney such as myself can lend a helping hand, making the process smooth and stress-free. After over 20 years of experience as a bankruptcy attorney, I can assure you it can greatly benefit you if you’re struggling with burdensome debts.
Although there are a lot of misconceptions about bankruptcy, it is meant to alleviate you from debt and give you a fresh start. So how do you know if it’s time to consider bankruptcy for yourself? There are many things that bring clients to an initial consult with me. Here we’ll examine a few.
Unmanageable Debts
The most common is of course when someone’s debt load becomes unmanageable. This may mean they can afford to pay some things every month, but not everything every month. The problem is, as late payments and their fees stack up, the debts can become even more difficult to stay on top of. Where you may have heard of a snowball system to pay off debts, they can also accumulate and become harder and harder to keep up with, leading to other problems…
Debt Collectors
On top of the existing stress of trying to pay your monthly bills, you may have debts that have been sent to collections. These are agencies that are tasked with trying to collect on your debt for the lender, in exchange for a percentage or a fee. Often if you’re receiving notices and calls from debt collectors, this can add to the emotional toll your debts are taking. Filing for bankruptcy can help stop these calls and notices, then relieve you from your debts!
Garnishment
Again, when you’re barely managing to keep up with monthly payments as is, seeing less of your paycheck only makes matters worse. Garnishment is when a creditor is legally allowed to take money directly from your paycheck before you even see it, in repayment of your outstanding debts. If you file for bankruptcy, you can continue collecting a paycheck while garnishment is put on hold.
Credit Counseling Didn’t Work
If you’ve been struggling financially for a while, you may have pursued some sort of credit counseling. For some folks, this is a great way to help climb out of debt, but it doesn’t always work. Sometimes an issue may arise that causes a debt management plan to get off-track. After working hard to try to pay your debts, you might still find that bankruptcy is the best course of action.
The Good News
Bankruptcy is not a scary or bad process. In fact, thousands of people find relief by filing every year! And in all my years helping people, I have found that it is very rare that a client loses any property – the only thing they only lose is the burden of financial stress.
If you’ve already begun considering bankruptcy as your solution, take the next step today and contact me for a free initial consult! You can call me at 651-454-0007 or submit your info here.
Learn more about signs you should consider bankruptcy here.