Today's economy has forced many individuals to consider bankruptcy either because their work situation has changed or because they are facing insurmountable debt. These people live day by day in fear of losing everything they worked so hard to acquire, and the reality of their fears coming true is a distinct possibility. Anyone in this situation should not let the fear of bankruptcy dissuade them.
Financial woes are common among many families these days and include families that own new homes and support young children, as well as older families with older children and astronomical loans. It's easy to understand why debt can mount up, so any change to a family's means to meet those financial obligations, can be devastating. Bankruptcy may be the only viable solution to end the fears and frustrations of a financial crisis.
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Talk to a bankruptcy lawyer who can answer all of your bankruptcy questions. A bankruptcy attorney will review your situation and recommend the best route to take, whether it be filing for bankruptcy or debt consolidation. Although bankruptcy does come with certain drawbacks like the long term effect it will have on credit ratings, there are benefits including the emotional relief of ridding yourself of overwhelming debt. Many people think that if you file for bankruptcy, you will lose your home and other valuable possessions, but this is not likely to happen.
Filing a Chapter 7 bankruptcy, which most people file for, means that in most cases property is exempt. Once the process begins, notices are mailed to creditors, and you are granted what is known as an automatic stay, which means that creditors can no longer harass you or take action against you. When it's over, usually within four to five months, debt is gone and a brighter future lies ahead. The bankruptcy laws now require that all those filing for bankruptcy must take a money management course as well. This is actually a good thing, as it helps those who have had problems managing the money they have find ways to save and spend accordingly.
An alternative to bankruptcy is debt consolidation and a knowledgeable bankruptcy attorney can guide you through this process as well. Basically, a debt consolidation company will work with the people you owe, to lower the interest rate and the amount of your loans and other debt like credit cards. The debt consolidation company will deal directly with creditors, and once negotiations are finalized, you will send one low monthly payment to the debt consolidator, who will then distribute the money to each company or organization owed money. This is another way to eliminate stress and work your way out of debt.
If you're facing a financial crisis don't let the fear of bankruptcy dissuade you from doing what is best for you. There is no shame in admitting you need help with your finances either through bankruptcy or debt consolidation. Speak to a bankruptcy lawyer and have all your bankruptcy or debt consolidation questions answered. Whether you decide to file for bankruptcy or consolidate the money you owe, the positives far outweigh the negative, and you will be on the road to a brighter future for you and you family.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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