No one is perfect. Even if you do everything right, you may find yourself with serious financial difficulties. If you feel like you can never get ahead. It’s time to contact a bankruptcy attorney. However, how do you know which one to choose?
Debt is a fact of life for nearly everyone. In fact, having some debt helps establish and improve your credit rating when you make regular, on-time payments. Debts fall into two categories: secured debt and unsecured debt.
According to a recent study, more than 65% of college seniors in 2017 graduated with student loan debt. The total student loan debt in the United States is estimated at about $1.53 trillion. It’s no wonder that nearly one in four Americans have student loan debt.
You may be getting calls from bill collectors or face foreclosure. When you are overwhelmed by debt, filing bankruptcy is often a lifesaver. Bankruptcy gives you an opportunity to get a fresh financial start. But, before you file for bankruptcy, you should take some steps to help ensure that your bankruptcy goes smoothly.
Life does not always go as expected. Even when you try your best to be financially responsible, you can find yourself drowning in debt due to medical bills, losing your job, divorce, high credit card interest rates, and other financial disasters.
One of the most beneficial aspects of the bankruptcy process is called an “automatic stay.” The automatic stay is a federal order or injunction that will immediately stop collection efforts by most of your debtors. The idea behind the automatic stay is to give the debtor some temporary relief during the bankruptcy process, and it can be helpful to you for a variety of reasons.
Deciding to file for bankruptcy is a big decision in anyone’s life and it should not be made impulsively. There are a variety of factors to consider when determining if bankruptcy is right for you. Consulting with a bankruptcy attorney before making a final decision is almost always your best bet.
Millions of Americans are in debt and struggling to keep their heads above water. Fortunately, there are people who can help you get out of debt. Seeking advice from experts such as credit counselors and bankruptcy attorneys is one way to better understand your options and begin to develop a sound plan moving forward.
If you’re considering filing for bankruptcy, it’s important to know how it will affect your finances moving forward, especially your credit score. It is certainly true that bankruptcy will hurt your credit, and many people who decide against bankruptcy as an option do so because they are afraid of how it will impact their credit score. However, not filing for bankruptcy and letting your debts go into collections will typically have a worse effect on your score.