How Bankruptcy Can Help You In The Long Term

Being in Debt Takes a Great Toll on Your Physical and Emotional Health

Working non-stop seven days a week eventually takes a toll on your emotional health, physical health, and family relationships. You must be able to pay your debts and have at least one day of complete rest during the workweek. Find out what consumer rights you have regarding harassing collectors. 

Being in deep debt means you are under incredible stress about meeting bill due dates. Perhaps your creditors are calling you frequently and presenting you with threats of a wage garnishment, foreclosures, repossessions, and legal action at all hours of the day and night. 

Some creditors charge you exorbitant interest rates, late fees, and overdraft charges that make it nearly impossible to pay down the balance of your debt. The two primary sources of debt problems include mounting medical bills and high credit card balances. 

Do you find that for many weeks all you can pay the interest on your accounts?

Bankruptcy May Help Your Financial Situation

Bankruptcy has been a bad word in society for many years and a grossly misunderstood process. You may or may not be a candidate for the bankruptcy process, but until you speak with a seasoned bankruptcy attorney, you will never know. 

It takes the expertise of a seasoned Alabama lawyer to calculate your income versus your debt. It takes a seasoned attorney to help you file for bankruptcy and run intervention with your creditors. If this attorney believes that you are a candidate for the bankruptcy process, know that this process brings with it great relief from financial debt and the stress of owning creditors you cannot pay. 

If your attorney believes that the bankruptcy process is not your path, this attorney may offer you other options to help you out of debt. 

Perhaps you have been digging yourself slowly out of debt, but more debt has come along that you cannot begin to pay, such as mounting medical bills. Most days, you feel all your hard work is for nothing, and you gain no headway from your indebtedness. 

Did you find that you have no extra money for living expenses so you rely on your charge cards until you max out your cards and cannot pay the monthly payment? 

Bankruptcy can provide you with great relief and a new start financially. There are many benefits to filing for bankruptcy, as seen in some of the following. 

• Your attorney can negotiate settlements and payment plans with your creditors.
• Your attorney can stop all nagging creditor calls and speak to your creditors on your behalf, so you do not have to deal with the stress this causes.
• This attorney can help you if you face foreclosure or repossession.
• This attorney works with you to protect your consumer rights and guides you through the bankruptcy process.
• It is your attorney who can help you manage your income and pay off debt quicker.

There are Long-Term Benefits to Filing for Bankruptcy

Filing for bankruptcy is not all bad. The bankruptcy process carries with it many good benefits. However, be aware that bankruptcy will show up on your credit report for at least seven years. If your credit report shows that you are making on-time payments consistently, it is a plus, in spite of the bankruptcy report. 

• Your attorney can negotiate with creditors to lower interest fees or eliminate interest percentages on some or all of your creditor accounts.
• Your attorney may be able to have some of your debt discharged.
• Along with your creditors, this attorney works out the best repayment schedule possible over a set amount of time.
• This attorney helps you get through the debt reorganization process and makes you a list of creditor priorities.
• Your attorney can help you keep your home and car.
• This attorney can help you structure your debts so that you have ample money for the essentials for living.
• Through the expertise of your bankruptcy attorney, you can present to the court a plan for repayment of your unsecured debt.
• This attorney works with you in the private sector or as a business owner who is thinking about filing for bankruptcy.
• This attorney helps you retain at least some of your business assets if you are a business owner.
• This attorney helps you pay off creditors by selling some of your business assets.
• An attorney evaluates your personal liability.
• Bankruptcy can remove high interest on loans, penalties, and fees.
• Bankruptcy stops collection calls.

Your call to us could help you get on a brighter financial path today. We will further explain how bankruptcy can help in the long term. This first consultation call is free, with no obligation. Please do not wait too long before calling our experienced bankruptcy attorney. 

If you are a resident in Alabama, know that we have a winning track record of helping clients with the bankruptcy process through our offices in Montgomery, Prattville, and Troy, Alabama. Won’t you give us a call today?