The decision to file for bankruptcy is not always an easy one. You may struggle for months or years to work your way out of debt until it becomes clear you need to file for bankruptcy so you can build a strong financial future for your family or for your retirement. If you're wondering if bankruptcy is right for you, talk to a bankruptcy lawyer so you get accurate facts. Here are some things you'll want to have clarified.
The Debts You Can't Eliminate
Your attorney can tell you about debts you can't get out of such as back taxes and student loans. They can also look at your financial situation and give you an idea of the things you'll be allowed to keep and what could be seized to pay off your debts. Each state has its own laws about what you're allowed to protect from bankruptcy, so you'll want direct advice from an attorney rather than going by a friend's previous experience.
How You Should Manage The Money You Have
If you think you could be headed toward bankruptcy, it's good to talk to an attorney before you make any big financial decisions because bad decisions might come back to haunt you later. Things like drawing from your retirement fund to pay off bills, borrowing against a life insurance policy, or pulling equity out of your home may or may not be a good move for your circumstances. Plus, you may need to be careful about moving money around before you file for bankruptcy since you don't want to look like you're hiding something. You need to be completely honest and do everything according to the law so the judge looks upon you favorably.
How Much Of Your Situation Will Be Made Public
Bankruptcy filings are public record. That means anyone who wants to look up information about you at any point in the future can find a record of your bankruptcy case. This may or may not matter to you, but if you're an intensely private person, you might want to do anything you can, even if it means you struggle financially for longer, just to protect your privacy. On the other hand, as long as you're aware of the public nature of the filing and you're okay with it, then filing for bankruptcy could be a fast way to get back on track and gain peace of mind.
How To Deal With Creditors
Once you file for bankruptcy, creditors aren't allowed to bother you about the old debts. However, when you're thinking of filing or going through the process, you'll want guidance on how to deal with creditors who pop up or who harass you. You may even get letters or calls after your bankruptcy is over, so you want to know how to deal with these situations so you don't say the wrong thing. Fortunately, if you're being hounded by creditors now, bankruptcy is usually the sure way to get them to leave you alone so you can focus on building your finances rather than worrying about how to appease creditors.
You'll have many other questions about filing for bankruptcy, and an attorney can answer them all and even tell you details you didn't know enough to ask about. It's good to talk to an attorney once you see you're in trouble and before your debt becomes a financial emergency so you have time to consider the bankruptcy attorney's advice and can plan out what you want to do thoughtfully.Share
14 January 2020
It can be hard to know what to do to protect yourself legally in the immediate aftermath of a car accident. You’re liable to be disoriented or in shock, you may be injured, and you’re surely worried about your passenger or the other driver. At least, that’s how I felt. The thing is, the things you say and do in the immediate aftermath of an accident may affect a legal case later. Depending on who’s at fault and what the laws are in your state, you may want to sue the other driver for damages, or you may find yourself being sued. My blog is designed to give you tips for a car accident lawsuit, no matter which side you find yourself on.