How A Lawyer Can Help You Deal With Serious Financial Issues
Serious financial issues can put an incredible strain on your family, personal relationships, mental health, and pretty much every aspect of your life. If you are struggling with serious financial problems, you don't have to be alone. There are several options available to you, and a lawyer or professional specializing in financial problems can help you choose the right path to follow to help you exit the path of stress and despair financial problems may have you walking.
While many people may try to struggle and sort out their financial issues themselves, sometimes the best thing to do is contact a trustee lawyer who can help you begin proceedings to bring your financial life back into order. While bankruptcy may seem like a four-letter word and the last option, it can often lead to a better overall life without the same stress that you may be going through trying to make ends meet and get you back on the path to financial security.
What is Bankruptcy?
Bankruptcy is a legal process by which a debtor can file for a legal process when funds are not available to repay their debts. Contrary to popular belief, bankruptcy does not mean you will lose everything, and while it will stay on your record for several years, it is something to consider if you are drowning in debt.
The bankruptcy process begins by speaking with a lawyer and filing bankruptcy documents. The lawyers will complete a financial assessment for the courts that shows your inability to pay your debts in full. Once proceedings begin, creditors will no longer be able to contact and try to collect your debts, giving you relief from the constant harassment you may feel from creditors. Bankruptcy does not mean you will walk away from your debts, it simply is a process by which you can resolve your debts and still pay creditors a portion of what you owe them while commencing a fresh start and second chance going forward.
What are the repercussions of bankruptcy?
Filing for bankruptcy is not a way to walk away from your debts, rather a lawyer will act as your trustee and put a plan in place where you will pay only a certain monthly amount to the trustee, and they will then direct these funds to your creditors. Your creditors will receive a portion of the amount you owe, and according to the folks at www.amourgis.com, this will all be handled legally by your bankruptcy lawyer. Contacting a bankruptcy lawyer to view your case is the first step, and they can give you all the information you need to decide if you will proceed.
It is important to remember that while you are in an active state of bankruptcy, you will not be able to take out further credit. This is one of the biggest repercussions of filing for bankruptcy. The judgment will stay on your credit record and this can make it difficult, if not impossible, to take out more credit lines until you are discharged from bankruptcy, and often for some time after.
While this may give you a cause to stop and think about this option, consider this; credit is what got you into financial problems, so living without credit for a few years may be the best step to take, to avoid further financial issues.
Once you have completed your bankruptcy, you can again begin to rebuild your credit history, but hopefully, this time with more caution, to avoid these types of financial problems in the future.
If you are struggling through a period of financial hardship, treading water, and trying to keep your creditors at bay, having a conversation with these professionals can be a great way to begin. Whether your financial problems are personal or related to a struggling business, it doesn't matter. IF you and your family are constantly juggling payments, dealing with credit collector phone calls, and you have no way out, then it may be time to contact a lawyer and consider your bankruptcy options.
Bankruptcy in the face of financial problems does not need to be the end of your life, but rather it can be a way to start fresh, reevaluate your financial plans and goals, and get a second chance and a fresh financial start. While bankruptcy does come with certain cons, there are also pros, and you must get the professional help you need to decide if you should move forward with bankruptcy proceedings.