Before You Declare Yourself Bankrupt, Get the Facts About Bankruptcy
I know it can be difficult to think clearly when you've lost your job or have a huge number of bills that you can't seem to pay off.
If your credit card bills or medical bills (or any other expenses) are simply overwhelming you, you may be desperate to declare bankruptcy and find some breathing room for you and your family.
However, it's important to make sure that you've looked into all of your options carefully before making a decision.
You should never make such a big financial decision out of panic and fear.
Have you exhausted all of the reasonable alternatives to bankruptcy? Have you tried to work with your creditors to reach a settlement agreement or reduce your interest rate? What about a part-time job that can bring in some extra income and lower your debt much more quickly than you might imagine? These kinds of solutions are not always possible, and they may not fit your particular set of circumstances.
Nevertheless, you should investigate them thoroughly in order to make the most informed decision possible for the financial future of your family.
Also, you want to make sure that you have identified the root cause of your current financial crisis.
If your problems are the result of undisciplined spending (as they so often are in these cases), then you must go after this lack of discipline if you hope to ever achieve a better financial future.
Other measures such as transferring your credit card balance to a card with a lower interest rate are not going to solve your problems in the long term if you continue to make additional charges with no reasonable plan to actually pay things off.
Remember that a bankruptcy lawyer can help you identify the pros and cons of declaring bankruptcy, so make sure to schedule a visit before making any final decisions.
If your credit card bills or medical bills (or any other expenses) are simply overwhelming you, you may be desperate to declare bankruptcy and find some breathing room for you and your family.
However, it's important to make sure that you've looked into all of your options carefully before making a decision.
You should never make such a big financial decision out of panic and fear.
Have you exhausted all of the reasonable alternatives to bankruptcy? Have you tried to work with your creditors to reach a settlement agreement or reduce your interest rate? What about a part-time job that can bring in some extra income and lower your debt much more quickly than you might imagine? These kinds of solutions are not always possible, and they may not fit your particular set of circumstances.
Nevertheless, you should investigate them thoroughly in order to make the most informed decision possible for the financial future of your family.
Also, you want to make sure that you have identified the root cause of your current financial crisis.
If your problems are the result of undisciplined spending (as they so often are in these cases), then you must go after this lack of discipline if you hope to ever achieve a better financial future.
Other measures such as transferring your credit card balance to a card with a lower interest rate are not going to solve your problems in the long term if you continue to make additional charges with no reasonable plan to actually pay things off.
Remember that a bankruptcy lawyer can help you identify the pros and cons of declaring bankruptcy, so make sure to schedule a visit before making any final decisions.
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