Should You Call A Bankruptcy Lawyer?

If you have unsecured debts that are not current, that is if you are behind on payments, you are at the point where you should spend a bit of time with a bankruptcy lawyer. Just because you plan a consultation does not mean you are obligated to file. An attorney, in fact, will look at all your options, and in most cases try to help you avoid filing. If it does turn out to be the best option for you, then the attorney will also guide you through the legalities and steps to the process, and most helpfully will serve as the contact person for collections calls and inquires.

What kinds of non-current debts will be looked at during a consultation? Credit cards are one of the most widely depended upon unsecured debts, but others can be more troublesome. Payday loans are something that struggling consumers often use to try to get ahead when the mere fundamentals of the process do not allow you to get ahead at all. Department store cards are a vice that some use in hard times, and personal loans and medical bills are also usually on the lists of those who are struggling with making a decision to file bankruptcy. If any of these debts are among the most of your worries, then it may be time to call an attorney.

The two most common types of filing are Chapter 7 and Chapter 13. These are the ones you hear of the most because they are the ones that apply to individuals rather than to businesses, short of one chapter that is dedicated to farmers or fisherman. Chapter 7 wipes out all to most of your debt, gives you a clean slate without further payment and the opportunity to begin rebuilding credit. Chapter 13 is more of a consolidation approach in which a bankruptcy lawyer settles with your creditors. You then pay a consolidated surmountable monthly payment. This is the option that can allow you to keep your home or other assets.

A bankruptcy lawyer is not going to immediately file just because you show up to his office. He has your best interests in mind, and will try to avoid the situation for you if at all possible. Some of the steps suggested to avoid further debt and eventual filing are to stop charging. Make a pencil to paper budget every week, and track it. Some financial experts even suggest converting to a cash only budget. Having to hand over cash for a purchase makes you think about the consequences immediately, and if you don’t have the cash on the spot there is no other option. Another tried and true suggestion that seems too simple to work is to make a list when you are going to the store. We are hardwired to stick to lists, so use them in the grocery store, for convenient store stops, for school supplies, or anywhere you go --even the most unlikely places. Lists are concrete reminders that you need to watch your pennies.

By: aabadie

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