Most people want to avoid having to file for bankruptcy. But sometimes, life happens in unexpected ways and we may find ourselves needing financial resources for getting out of a serious rut. An attorney has helped people just like you, who aren’t sure whether bankruptcy is right for them. Please know that this isn’t a decision to take lightly, and there is so much to understand about the complexities of bankruptcy before applying. If you feel over your head, then it’s probably time to speak with a law firm about whether bankruptcy is the smartest choice for your financial future.
Bankruptcy is intended to be a last-resort resource. However, if any of these factors currently apply to your situation, then we advise getting a consultation with a law firm right away:
You Are Facing a Lawsuit From Debt Collectors
If you don’t make payments on your debt for a prolonged period of time, chances are that it will get forwarded to a debt collection agency. Then, if phone calls and letters aren’t answered by the debtor, then the collection agency may take further action in the form of a lawsuit. Trying to fight a lawsuit from a debt collector can be very challenging, so we recommend talking with an attorney. The worst thing you can do is not respond to the lawsuit against you.
You Are Now Having Your Wages Garnished
With a debt collection agency lawsuit against you, they may also request to the court that they obtain what is owed to them through wage garnishment. While there are regulations for how much they can garnish from every paycheck, your employer has no choice but to abide by the court’s demands. Your wages may be garnished before the check or automatic deposit even gets into your hands. By applying for bankruptcy, you are protected from continued wage garnishment through an automatic stay.
You Aren’t Able To Keep Up On Bills
If every month you are getting deeper into a financial pit and the amount is insurmountable, then it may be time to get the opinion of an attorney about what to do next. We can imagine the stress you may be carrying on your shoulders knowing that you have bills to pay but continue to rack up debt on credit cards and other means of borrowing money. Let us talk through with you what bankruptcy entails to see if the long-term benefits weigh in your favor.
If you are afraid that your debts have gotten so carried away that you aren’t sure what to do anymore, then we strongly recommend getting help from a member of our dedicated and compassionate legal team. We empathize with the stress you are probably under, and will see if bankruptcy is a strategic resolution for you to eventually bounce back. Call a law firm today to reserve your free initial consultation.