It is always a good idea to learn all you can about something you are thinking about doing, before you actually take the steps required. For example, if you are considering taking up skiing, you would likely research the different types of skis and ski equipment and take a few lessons before hitting the slopes. The same can be said of legal issues, and especially those that deal with your money. It is helpful to know how your spending habits can impact your cash flow, and what you can do if you have more bills than you have income. One thing you can do is to refinance or consolidate your debt. But you might also give the idea of filing for bankruptcy some real thought.
Bankruptcy is a very real solution for thousands of consumers a year. Here are five ways filing bankruptcy can help you:
• The moment you file a case, your creditors are prohibited from contacting you. This includes a rule that they cannot sue you, they cannot continue with a lawsuit that was started before you filed bankruptcy, they cannot repossess your car or foreclose on your home, and they cannot garnish your wages or bank account.
• If you qualify for a Chapter 7, you are allowed to eliminate all of your unsecured debt. This means no more payments to high interest rate credit cards.
• If you file a Chapter 13, you can pay the value of your car rather than what is owed. This can save thousands on your car payment over time. You might also be entitled to pay a lower interest rate, and this can save you money as well. The ability to do this depends on your specific circumstances, and we can tell you what to expect.
• You will learn budgeting tools that can be used in the future, so you know how to avoid financial traps down the road.
• At the end of your case you will have a fresh start with your money, and this is a good chance to start over with a new plan for your budget and your family’s needs.
Filing bankruptcy is no longer considered taboo, and should be strongly considered if you are struggling. We have helped others alleviate the burden of financial stress, and can help you too.
For more information about bankruptcy, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.