Do you have a lot of debt you cannot pay? Did your business just acquire too many loans? Are you scared of opening those bills? Maybe bankruptcy has crossed your mind several times now. Or perhaps you’ve been thinking about it quite a lot lately. But bankruptcy is so much more than ‘discharged debts’.
Did you know that a bankruptcy on your financial record could stay for up to 10 years? If you feel overwhelmed by unpaid bills, stand back and breathe in. Ask yourself these questions before filing for bankruptcy:
• Are you still able to make payments on your credit cards?
• Are you using credit cards for every purchase?
• Do you have unpaid utility bills or income taxes?
• Are collectors hounding or harassing you?
• Are you in constant fear or anxiety over your finances?
• Are you in danger of losing your home?
• Do you know how much you really owe?
If you answered yes to all these questions, then you may need to consult an experienced bankruptcy attorney. Otherwise, you just need to reassess your financial situation.
Don’t Run To Bankruptcy If…
The decision to file for bankruptcy is not an easy one. In fact, you can only make a sound decision after consulting an expert (like a lawyer). Why? Because you still need to go into detail about your finances, total assets, sales (if you have a business), and your spending habits. Some people think that they can file for bankruptcy if they cannot pay bills – that’s not the case.
Don’t use bankruptcy to run away from your financial responsibilities. If you can still make minimum payments on your credit cards, then you only need a little bit of discipline and perhaps some money management skills to get you through a tough time. Bankruptcy is used ONLY when a debtor clearly has no more resources to pay debts (but still has minimum funds to survive).
If It’s The Only Choice…
If after consulting a bankruptcy attorney he suggests that you file for one, then it’s most likely the best choice. Sometimes, fighting to stay on is not healthy for you – emotionally or mentally. In this case, filing for bankruptcy can be a relief from all that stress. Plus, with new bankruptcy laws, you are actually protected. No need to worry about losing your home, or creditors calling you.
While it’s true that bankruptcy connotes ominous tones in society, it doesn’t have to be that way. Remember: even famous people (like Donald Trump) had been bankrupt at some point in their lives; but they were able to rebound from it. If your decision is final about filing for bankruptcy, prepare necessary arrangements and get all the support you will need.
Get The Right Help
Still confused? Contact bankruptcy attorney Montgomery Al and ask for as much information as you can. Talk to family and friends. Don’t burden yourself: financial struggles become lighter when shared with others. And with a knowledgeable attorney to guide you, filing for bankruptcy doesn’t have to be a traumatic experience.