It is a somber occasion for individuals and couples when they realize that they can no longer handle their existing debt. However, as difficult as it may be to contemplate, there are good things that can come out of this situation. While filing for bankruptcy may not seem like one of them, it is a process that can bring good things in the future, especially if people are ready to learn a financial last.
Benefits
There are some situations where there are simply no other options than to speak with a Chapter 7 Bankruptcy Attorney in Wetumpka about the possibility of filing for bankruptcy. For most people, chapter 7 bankruptcy is the best option for them to get a clean slate when it comes to their finances. However, many people attach a great deal of embarrassment to filing for Chapter 7 because it is a clear signal that they were not able to handle their finances. While this may be true, it’s important to focus on the benefits, both the immediate benefits as well as the long-term advantages.
Speaking to Creditors
If a person is frightened to answer their phone because of debt collectors, filing for bankruptcy will give those people a bit of peace and relief. Creditors are not permitted to contact borrowers after they have filed for bankruptcy. If a creditor does, the borrower can simply refer to them to their attorney and the attorney can handle any communications from there on out.
It Takes Time
The long-term benefits may be a bit harder to see. Once a person has their bankruptcy discharge by the courts, Chapter 7 bankruptcies will stay on a person’s credit record for seven years. This will most certainly negatively impact a person’s credit score, and it will hamper, at least in the short term, their ability to establish new credit. Over time, things will get better, and after the bankruptcy is off of a person’s credit score, things can get back to normal from a credit standpoint.
Speaking with a Chapter 7 Bankruptcy Attorney in Wetumpka AL may not be something that an individual or couple will want to contemplate, but there are situations where a call to Courtney & Mann LLP is in order. If you find yourself in this situation, it’s important to look at the silver linings and to know that even through all the hassle, better times are ahead.
