Bankruptcy helps a lot of people out of bad financial situations. It isn’t for everyone, though. Before you rush to file for bankruptcy protection, it can be very helpful to have a consultation with an experienced bankruptcy attorney to find out if bankruptcy is the best option for your personal financial situation. Bankruptcy Attorneys in Topeka, KS can evaluate your personal finances to help you determine if filing for bankruptcy can help you improve your emotional and financial life.
The first thing to consider is the amount of debt you have in relation to your income. If you don’t earn enough money to make the minimum payments on your bills and you don’t have any prospects for earning additional income, bankruptcy may be a good option for you. Some creditors may be willing to make payment arrangements with you to ease the stress on your budget but if you are behind on your mortgage payments, your lender is unlikely to refinance your home loan.
Another consideration you must make before you file for bankruptcy is whether your family is suffering due to the amount of debt you have. Excessive debt is a major cause for divorce or other family problems. Though people may tell you that they have more debt than you and they can handle it, they may just have more tolerance for risk or have a potential source of additional income that can help them deal with a high debt load. If you can’t handle it, you don’t need to be ashamed. The bankruptcy code was developed to help people in your situation get a fresh start in their financial life without debt.
Bankruptcy is not without consequences. Your credit score will suffer after you file for bankruptcy and if will be more difficult, at least initially, to get new credit cards. Bankruptcy Attorneys in Topeka, KS can explain how filing for bankruptcy can improve your life and what you can expect after you file. With good budgeting skills, you can start your financial life over after bankruptcy and have a stronger credit score than before. After a few years, you may even be able to purchase a new home.
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