Bankruptcy is certainly no one’s first solution to a money problem, and we don’t think it should be. If you actually have enough income that you can budget your way to catching up on debt and expenses, then a little willpower can go a long way in helping create a more stable financial future. But all the willpower in the world won’t help if you simply don’t have enough income to keep the ship from sinking or if you’re facing critical debt situations because of loss of job or a medical emergency.
This is where bankruptcy comes in as a possible comprehensive solution that can help you get your life back on track financially. Bankruptcy options can help you find a way to make payments on priority debts and secured debts so you can keep property such as a home or car. It also helps you seek a reduced payment or discharge of other debts so you aren’t forever upside down on your budget.
One powerful thing a bankruptcy filing does that many people don’t realize is that it stops foreclosure processes in their tracks. If you fear you are going to lose your home, then consider speaking to a bankruptcy lawyer as soon as possible, because there are actions you might be able to take. While you can file a bankruptcy petition up to the day of sale to stop a foreclosure, getting ahead of the process is a good way to ensure success and possibly reduce headaches and costs.
Our firm works with clients to review each situation and provide advice about the best possible actions for each person or couple. Not everyone will qualify for every type of bankruptcy, but there is frequently a comprehensive solution for your financial duress.