With credit cards, car loans, mortgages, and numerous other ways to borrow money from banks, it’s very easy to incur debt. That’s all well and good if you’re generating enough income to cover those financial obligations, but what happens when the money stops or debt balloons beyond your means? While there are many things you can do to get your debt under control, there comes a point when you should consider hiring an attorney’s office.
Deciding whether or not to file for bankruptcy can be challenging because the decision is often based on several factors. A common reason why people file for bankruptcy is lack of income to pay debts. This may be due to the loss of a job because of layoffs or sales at a personal business just aren’t enough to provide the income needed to satisfy debts. You can often work with creditors in these situations if you are confident the loss of income is temporary.
Another reason many people file for bankruptcy is the sudden influx of a massive amount of debt. This is often seen with people who experience medical or legal problems. Treating a life-threatening health complication, for example, can lead to thousands of dollars in medical debt, even if you have health insurance. Again, it’s possible to make payment arrangements with creditors to gradually pay down the debt. Unfortunately, collection agencies may charge interest and fees to the principal, which can make it near impossible to become debt free.
If you have few to no income prospects or your debt has outpaced your ability to pay, then it may be time to consult with an attorney’s office like Stover Gadow and Tyler, PLLC about filing for bankruptcy. An attorney can review the facts of your case and recommend the bankruptcy protection that best fits your needs. The lawyer can file the necessary paperwork, use the law to protect your assets from creditors, and represent your interests in court.
