Article by Credit Monkey.
Despite what you might be feeling there should be no shame attached to filing for bankruptcy. You might be striving for the American dream but that doesn’t mean that dream also includes lifelong financial security. You might set out with a well-defined planned but that doesn’t mean everything will be going as according to that plan. What happens if a health crisis crops up? Suppose you your job falters and you find yourself without a steady paycheck? Even a divorce can have a devastating impact on your financial future. If any of these types of situations arrive on your doorstep to cause trouble, you’ll definitely want to meet with an attorney to help you sort out your problems.
While it may be true that nobody intentionally seeks out to file for bankruptcy, as an attorney will tell you that might be your only recourse to get your life back on track. The primary hole you dig yourself in is with credit. Once you get out of college and even during college you’ll be inundated with applications for credit. These can prove very tempting. There is nothing wrong with using credit as long as you can keep up with the payments and not fall into crisis. With that crisis comes higher interest rates, daily collection calls from debtors and a lower credit score. All of this can become a major stress inducer that can cause splinters in your work and family.
Understand first that any type of bankruptcy filing is an official court proceeding. This is why you need to consult with an attorney. There is a lot of legal paperwork that needs to be filed with every case. Although you don’t need to know all the particulars of each piece of paperwork, your attorneys should be able to walk you through the more important clauses. Having those attorneys on retainer also means you can ask any questions along the process. This is especially important with the ever changing shifts in the bankruptcy laws.
As you begin to explore the filing process, you might run across some lawyers who are offering a no frills bankruptcy filing which might seem like a good deal because of the low cost but that could come back to haunt you if the work isn’t done right or you’re not fully prepared for your hearing. A qualified attorney would know their way around the courtroom and make sure you aren’t left in the lurch.
This same approach should be taken if you think that bankruptcy is going to be your next DIY project. Stick with the pros and you can’t go wrong. Once you have successfully filed your bankruptcy you can begin to repair your debt and focus on building back up a financial nest egg to see you and your family through the rest of your lives.
This article was submitted by Andre Frenze of Credit Monkey. Credit Monkey is the only online service that offers free credit repair services. Yes you can fix your credit for free! They will submit disputes on your behalf to all the credit bureaus and get derogatory reports removed from your credit report.