If you’re in financial trouble, then you might think bankruptcy is your only way out. While bankruptcy can be a valid option, it should really only be considered as a last resort. Unfortunately, a lot of people don’t really know whether their situation would be improved with a bankruptcy filing. The good thing is that you can hire Kirkpatrick and Associates bankruptcy lawyers or another attorney to look at your finances before you take the next step.
Assessing the Damage
Before your lawyer can recommend a course of action for you, he is going to have to assess the damage. Most people in financial trouble are so deep in over their heads that they don’t even know how much they owe each creditor. But it’s terribly easy to lose sight of the big picture when you’re being hounded for late payments and just trying to catch up.
Your lawyer will gather all of your financial documents with you and look through them, one at a time. He will make a list of your assets and your obligations. This means you will know who your creditors are and how much you owe them. It’s much better to know what’s going on so that you can come up with an action plan. After all, there may still be a way to avoid a bankruptcy for you.
Evaluating Your Options
Now that you have a better idea of your financial situation, it’s time to evaluate your options. It may be depressing to look at the total debt you have, but it’s also necessary in order for you to move on. Now you have several options available to you. You can make a financial plan that you can stick to that allows you to pay your debt over time. Or you can try to consolidate your debts. Alternatively, you could negotiate with your creditors and try to lower your payments, interest rate, or total debt.
Finally, you could file for bankruptcy. Whether bankruptcy is the right decision for you depends on a variety of factors. If you have a large income and are able to make payments on your debt, then a bankruptcy might not help as much. Similarly, if most of your debt cannot be discharged through the bankruptcy, such as student loans, then you might want to look for a different solution.
How Your Lawyers Can Help
Your lawyers can help you with your financial situation, whether nor not you end up filing for bankruptcy. They can help you make the best decision for your family that allows you to finally find some financial peace. Interestingly, a lawyer can even help you when you’re not filing for bankruptcy.
Kirkpatrick and Associates bankruptcy lawyershave a lot of experience with difficult financial situations. They might see a way out where you can’t. But even if bankruptcy turns out to be the best decision for you, they will make the process easier for you. And afterwards, you can sleep easier at night without dreading creditor phone calls ever again.