Realizing that you are in deep debt that feels impossible to get out of is frightening. This is why it is important to hire an experienced bankruptcy lawyer, like one from The Law Offices of Ronald I. Chorches, before making any major decisions. Bankruptcy lawyers have seen it all and will be able to look at your situation with a logical perspective, rather than worrying about how difficult it feels to pay your bills or worrying about the future. This is a crucial step in taking back control in your financial life. It can be daunting to file for bankruptcy, but sometimes this is a necessary step in getting a fresh start. Other times, it may feel that filing for bankruptcy is the only option, when you could actually rework your budget and figure out a way to manage your finances while paying off debt. Either way, your first step should always be to set up a consultation with a bankruptcy lawyer to see how he or she can be of assistance to you.
You Will Not Always Have Filing for Bankruptcy on Your Permanent Record
Filing for bankruptcy can follow you around for some time, but it is possible to get past it and begin getting your credit back on track. It will not recover overnight, but you are not doomed to have bad credit for the rest of your life. In fact, if you do everything the right way, this can be a lesson for you on how to manage your money better in the future to make sure you do not get in a dire financial situation again.
Filing for Bankruptcy Does Not Mean that You Lose All of Your Possessions
Depending on which chapter of bankruptcy you file for, you may have to sell some of your assets. Chapter 13 is a reorganization of debt, so you may even be able to keep large items like your home and items that you inherited from loved ones. If you had to file for Chapter 7 bankruptcy, there may be items that are exempt from being possessed, but you will need to speak with your lawyer about it to see what may be left out of selling.
You Can Still Spend Money on Activities
Just because you filed for bankruptcy does not mean that you are never able to have fun with your hard-earned money again. You will just need to be careful about splurging and determine what is worth it and what may not be. By having a fresh start with your finances, you are given the opportunity to prioritize what is the most important thing to you and what may be something that you can live without. It may take some time to adjust to this, but you can talk to your bankruptcy lawyer about potentially hiring a financial planner to assist in budgeting for the future if necessary. Contact a lawyer today to get started. It will help you make a decision on how to move forward with your life and what the wisest financial decision for you and your family will be.