Avoiding Bankruptcy: Is Bankruptcy the Way to Go?

Bankruptcy Lawyer

For many people, bankruptcy is a frightening prospect. Yet it can be a useful tool to resolve debt and give you a fresh start. People who are in overwhelming debt may need to consider the benefits of bankruptcy. A bankruptcy lawyer can help you understand your options and to guide you through the process if bankruptcy is right for you.

Filing for bankruptcy can have a serious impact on your financial life, but not everyone needs to file. If the reason you’re considering filing is that you got into a temporary financial bind and don’t see any other way out, there are some alternatives to consider.

Bankruptcy is a last resort for many reasons:

  • You’ll have to pay legal fees, which will be costly if you have a lot of assets or debts that are difficult to sort out.
  • You’ll lose your possessions — including your house, car and other valuables.
  • After you file, you won’t be able to get credit cards or loans very easily. It can take years before lenders trust you again.
  • If you own a business, it’s likely to fail after bankruptcy. Even if it stays open, you’ll have trouble getting financing from lenders or investors.

Bankruptcy can be a good option depending on your circumstances and what type of debt you have. An attorney, like from our friends at Leinart Law Firm, can help you understand how bankruptcy affects you before making a decision.

Here are some of the things you can do to avoid bankruptcy:

First of all, if you’re behind on your bills, stop using credit cards immediately. If you don’t have money for your basic needs now, adding to your debt isn’t going to help. Do everything possible to bring in more money — ask for overtime at work or a raise, sell some things online or get a second job.

Do everything possible to increase your income while reducing expenses. Eliminate unnecessary expenses like cable TV and gym memberships. Cancel magazines and newspapers and rely on library copies instead. Shop around for cheaper car insurance and look into cheaper cell phone plans. Use coupons for groceries and buy generic products instead of brand names when possible. Eat out less often and grow a garden this summer for fresh produce.

Many law firms offers a variety of services to help you regain control of your finances. Our experienced bankruptcy lawyers understand bankruptcy law and offer services to help you through Chapter 7, Chapter 11, and Chapter 13 bankruptcies.

Law firms take pride in their ability to meet and exceed the expectations of each client who walks through our door. They understand that whether you are filing bankruptcy or going through a divorce, you are in a very stressful situation. They don’t want to add to that stress. An experienced bankruptcy attorney will carefully explain your options and work diligently to help you get the results you need and deserve.

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