Being in debt without enough income to keep up with your monthly bills makes your life miserable. You constantly worry about money, and everything you make goes toward bills, late fees, and overdraft charges so there's nothing left for building a financial future or for life enjoyment. When you live paycheck to paycheck, all it takes is a minor emergency to get behind on bills, and that starts a snowball of late fees, and you get further behind. The only solution might be to file bankruptcy, and the first step is to talk to a bankruptcy attorney. Here's why that's important.
An Attorney Helps You Understand Your Situation
When you're buried in bills, you can't see the big picture. You may fight every month to try and keep up, but it may be a losing battle if you only pay the minimum amount on your credit card bills. Unless your income drastically changes, it could take years to pay off a credit card with a high balance. An attorney looks at your income and your debt and helps you get a realistic view of what's going on. If your income has little chance of increasing, then filing for bankruptcy could be the best way to get control of your finances.
It doesn't matter why you are in financial trouble, and a bankruptcy attorney doesn't judge you if the reason was poor financial management. However, if you do decide to go through with bankruptcy, the court may require you to take credit counseling classes so the problem doesn't happen in the future.
A Bankruptcy Attorney Reduces Your Stress
You may worry about losing your home or your car if you have to file for bankruptcy. Your attorney will explain about your possessions that are exempt from bankruptcy and what things you're likely to lose. Knowing this can put your mind at ease, so you don't expect the worst and so you can prepare for what may happen. Another way a bankruptcy attorney helps you is by dealing with your creditors so you no longer have to. You may get calls at work or creditors may call your relatives in an attempt to track you down and get money from you. An attorney can stop creditors from contacting you, and the attorney will deal with the creditors throughout the bankruptcy process.
In addition, the attorney will be at your side during the court meetings. This reduces stress and worry, too, since you don't know what to expect from the proceedings and you'll probably be nervous about how you'll be treated.
Filing for bankruptcy has its own concerns and worries, but it's a solution for the constant struggle and stress over debt you can't repay. The law permits you to file bankruptcy when you've fallen into financial ruin for any reason, and although there are rules you have to follow, going through bankruptcy could be the best way to get out of debt so you can start creating a brighter financial future while enjoying your present life.
Share18 December 2018
Hello, my name is Neil Gamford. Welcome to my site about bankruptcy proceedings. After my divorce, I was left near penniless and without a place to stay. I was paying all of my income to alimony and my remaining debts. Although I had a solid payment plan in place, it was getting difficult to cover my financial obligations without a home. Luckily, I met with a bankruptcy attorney, who helped me find a way to discharge my debts and start over. I hope to share the information I learned throughout that process with you through this site. Please feel free to visit anytime.
