How do you know when to file for Bankruptcy?Comments Off on How do you know when to file for Bankruptcy?
The idea of filing for something as serious as bankruptcy can be overwhelming and scary. Bankruptcy is intended for honest individuals who can no longer handle their current debts and have exhausted all other options. With the nation’s recession straining personal budgets over the past 5 years, a significant number of Americans are making the decision to file for bankruptcy. But how do you know when the right time is to call a bankruptcy lawyer in St. Louis?
Bankruptcy is not something to be taken lightly, and careful consideration should be weighed out prior to filing. Consumers are required to take part in credit counseling classes prior to filing which provides insight on all income and expenses. All options should be investigated in advance, and speaking with a professional bankruptcy attorney can navigate you through the process correctly.
Examine Your Budget
As mentioned; consumers who intend to file for bankruptcy are required to take part in credit counseling courses. Through this class, you are able to get better insight into your income and expenses to determine if there is a way such as significant lifestyle changes and spending habits can help resolve financial issues.
Review Additional Options
It is important to take the time and consider all additional alternatives that may be available to you. While receiving money from relatives may seem embarrassing initially, the alternative of filing for bankruptcy is far less significant. Also consider debt settlement programs, or to negotiate loan modifications and alternate payment plans with current creditors.
Avoid the Scammers
Newspaper or radio ads that promise to help consumers cut debt in half or correct credit scores are inclined to be scams. Usually these programs offer a quick fix, but do not address the larger issue that will remain.
Seek Professional Help
Once you have reached the decision that bankruptcy is the best option for you and your situation, don’t wait. Bankruptcy can provide a fresh start when arranged by a professional bankruptcy lawyer and provide relief both in debt and emotionally.
Always consult a professional before filing for bankruptcy that can navigate you through the process and ensure that all documentation is recorded correctly. For more information on filing for bankruptcy, contact an experienced bankruptcy lawyer in St. Louis at Teague & Associates, LLC at (314) 899-4499.