When Is It A Good Time To File Bankruptcy?
Over the last couple years the topic of filing bankruptcy has become front and center.
Many corporations and small businesses alike have had to face the facts and file for bankruptcy.
Today, most Americans are severely in debt, mostly to credit card companies.
When times were good, no one really worried about where the money was coming from when they swipe the card through the machine, but now the US is facing a financial famine and reality is setting in.
The lucky people still have a job and money coming in as of now.
In today's shaky financial world no one is feeling very confident of whether their job will be there tomorrow.
Unemployment is currently still at about 9% and it seems the US job sector is next to nonexistent.
Most Americans in financial trouble try to be optimistic hoping that things will get back to normal soon.
Sometimes that might just be a little too optimistic.
Being in debt can be very stressful and not knowing when would be a good time to file for bankruptcy can add to one's dilemma.
The first step to financial freedom is consulting a bankruptcy attorney to see if a bankruptcy filing will even improve the individual's financial problems.
If a bankruptcy attorney reviews of person's financial situation and says they need to file for bankruptcy, they probably do.
Typically, the acceptance of the fact of filing bankruptcy is the toughest part of financial recovery.
It's very hard for people to face the facts that bankruptcy is in their future because of the stigma that society has placed on it.
When people sit down with a bankruptcy attorney and are asked if the individual budgeted their money, would they be able to pay off all their debts in the next 3 to 5 years? If the answer is, "Not a problem", the bankruptcy attorney would give a cordial goodbye.
On the other hand, if the answer is, "No way", it is probably time to consider hiring legal counsel to help with the bankruptcy filing.
After accepting the fact that filing for bankruptcy is in their future, most people feel a gamut of emotions, typically being elated that it's once again possible to become debt-free.
Just consider the feelings of one that's been buried under a mountain of debt and someone found them and is digging them out so they can breathe again.
After the new car feelings wear off, people begin feeling guilty that they're walking from their debts and embarrassed of their failures.
This is where the bankruptcy attorney will step in to reassure the individuals that they're doing the right thing.
What these people are doing is letting their pride get in the way of common sense.
Deep down they know that filing bankruptcy is the only way out of their problems, but they don't want to feel like they failed.
The people that let their pride get in the way of common sense, many times, will walk away from the bankruptcy attorney thinking they will work something out on their own.
Inevitably, the people that need to file bankruptcy end up filing, sometimes being forced to because of a lawsuit or wage garnishment.
Most people that waited to file for bankruptcy usually are mad at themselves for not heeding to the warnings of the bankruptcy attorney they originally spoke to.
Many corporations and small businesses alike have had to face the facts and file for bankruptcy.
Today, most Americans are severely in debt, mostly to credit card companies.
When times were good, no one really worried about where the money was coming from when they swipe the card through the machine, but now the US is facing a financial famine and reality is setting in.
The lucky people still have a job and money coming in as of now.
In today's shaky financial world no one is feeling very confident of whether their job will be there tomorrow.
Unemployment is currently still at about 9% and it seems the US job sector is next to nonexistent.
Most Americans in financial trouble try to be optimistic hoping that things will get back to normal soon.
Sometimes that might just be a little too optimistic.
Being in debt can be very stressful and not knowing when would be a good time to file for bankruptcy can add to one's dilemma.
The first step to financial freedom is consulting a bankruptcy attorney to see if a bankruptcy filing will even improve the individual's financial problems.
If a bankruptcy attorney reviews of person's financial situation and says they need to file for bankruptcy, they probably do.
Typically, the acceptance of the fact of filing bankruptcy is the toughest part of financial recovery.
It's very hard for people to face the facts that bankruptcy is in their future because of the stigma that society has placed on it.
When people sit down with a bankruptcy attorney and are asked if the individual budgeted their money, would they be able to pay off all their debts in the next 3 to 5 years? If the answer is, "Not a problem", the bankruptcy attorney would give a cordial goodbye.
On the other hand, if the answer is, "No way", it is probably time to consider hiring legal counsel to help with the bankruptcy filing.
After accepting the fact that filing for bankruptcy is in their future, most people feel a gamut of emotions, typically being elated that it's once again possible to become debt-free.
Just consider the feelings of one that's been buried under a mountain of debt and someone found them and is digging them out so they can breathe again.
After the new car feelings wear off, people begin feeling guilty that they're walking from their debts and embarrassed of their failures.
This is where the bankruptcy attorney will step in to reassure the individuals that they're doing the right thing.
What these people are doing is letting their pride get in the way of common sense.
Deep down they know that filing bankruptcy is the only way out of their problems, but they don't want to feel like they failed.
The people that let their pride get in the way of common sense, many times, will walk away from the bankruptcy attorney thinking they will work something out on their own.
Inevitably, the people that need to file bankruptcy end up filing, sometimes being forced to because of a lawsuit or wage garnishment.
Most people that waited to file for bankruptcy usually are mad at themselves for not heeding to the warnings of the bankruptcy attorney they originally spoke to.
