Over 75 million of American adults are struggling financially, and most of them question whether their financial situation is bad enough to call for bankruptcy. If you’re buried in debt, and you are uncertain whether you should file for insolvency, speak with a bankruptcy lawyer to get a clear-cut answer. Only a bankruptcy attorney can help you understand your debt relief options. Many people put themselves in bad financial situations where they have to put up with harassment from creditors because they substitute the attorney’s sound advice with myths from family members and friends.
A lawyer will help you identify the signs that insolvency might be right for you. If any of these signs exhibit your current financial situation, it is advisable to contact a bankruptcy attorney right away:
Your bills have piled up
Piling up medical treatment, divorce, and business-related bills can lead to overwhelming unsecured debt. When you have a huge amount of unsecured debt that you are unable to pay, it’s advisable to evaluate your bankruptcy options. An attorney will help you file for Chapter 7 bankruptcy to eliminate your unsecured debt and give you a fresh start.
Creditor harassment
If a creditor is harassing you with calls and threatening letters about certain debts, call a bankruptcy lawyer to schedule a free consultation. The high chances are that your attorney will advise you to file for bankruptcy to ward off these forms of creditor harassment. Immediately your lawyer files a bankruptcy petition, creditors are served with an injunction against making any collection calls and sending demand letters. Simply, any form of collection activity stops right away.
Facing foreclosure or repossession
If you think foreclosure is on the horizon or you are about to lose your car to repossession, file for bankruptcy to keep your property. In chapter 13 bankruptcy you can keep your home as you catch up on your late loan payments. Don’t wait until it’s too late to contact your chapter 13 bankruptcy attorney. You need him in time to save your property.
Credit card debt is growing, and you are unable to maintain the minimum payments
If you use your credit card to survive until the next month and it carries a high balance that you cannot afford to pay off, you need to talk with a bankruptcy lawyer. Credit card debt is considered unsecured, which means it’s is dischargeable under Chapter 7 bankruptcy. Once your bankruptcy petition is concluded, your debt will be eliminated.
You have lost your job, and you’re stuck in payday loans
With the high cost of living, it would be next to impossible to survive even for a short period without a job. If you have lost your job, chances are you will be relying on soft loans with high interests. Before you realize it, you are beaten down and overwhelmed with debts. When this happens, consider talking with a bankruptcy lawyer to find out if there is a possibility of you getting the relief.
Losing financial control can be very frustrating. If you are looking for debt relief and you’re not sure what bankruptcy option to file for, an experienced bankruptcy attorney in New Orleans can help. He will help you understand insolvency options available for you and how to go about the bankruptcy process.