How do you know when filing bankruptcy is the right decision? It’s a fact that most people make the decision to file bankruptcy long after they should have and suffer through the collection calls,threatening letters, foreclosure notices and IRS liens for months or even years.Eventually the financial misery drives people to a bankruptcy attorney in Tyler, TX.
Much of the misery can be avoided because you don’t have to wait until the creditors file lawsuits, garnish wages and file liens and levies.You also don’t have to wait until you are months behind on your payments to prove you can’t pay your bills.This is a common misconception which is why people avoid seeking legal advice for as long as they can.
Why file bankruptcy sooner rather than later? The bankruptcy attorney in Tyler, TX specializes in bankruptcy cases but does not advocate for this solution to financial problems.Despite what some people think a responsible attorney will do a thorough evaluation of a client’s financial condition and recommend for or against pursuing bankruptcy or reorganization.
Sometimes bankruptcy is the right answer to:
>> Unmanageable excessive debts
>> Inability to manage debts due to loss of job or income
>> Potential home foreclosure when you only need a plan to catch up past due payments
>> Threat of auto repossession
Bankruptcy is way to stop the misery too. The debt collection calls, collection letters,court actions and more must be suspended once you file bankruptcy.The bankruptcy attorney in Fairfax, VA will notify all listed creditors that you have filed bankruptcy,and by law the collection efforts must end until the bankruptcy is settled.
In fact,one of the first benefits bankruptcy filers appreciate is the fact the creditor collection efforts stop within days of filing.Since most people wait too long to file bankruptcy,they have endured many months of financial misery making the cessation of the collection efforts that much nicer.
Why Not Bankruptcy?
There are also reasons why you should not file bankruptcy.You can’t use bankruptcy to avoid paying legitimate debts that you can afford to pay.The bankruptcy attorney in Tyler, TX will evaluate your reasons for pursuing this course of action and then explain that bankruptcy cannot solve all financial problems or get you out of paying what you owe if you can afford the payments.
For example, a bankruptcy can work with secured creditors to establish an affordable payment plan. If a plan cannot be worked out that is fair to the creditor and affordable to you,but the numbers indicate you could make the payment,then you may lose your home and car or any other secured property.There are also debts that cannot be discharged.
>> Divorce settlement agreements
>> Child support
>> Federal taxes that are not older than 3 years
>> State and other taxes depending on laws
>> Co-signer debt obligations
The reasons for filing for debt relief through a bankruptcy attorney in Tyler, TX must be legal and legitimate.
New Start to Old Business
People make poor financial decisions or events like getting laid off from a job or divorce can lead to problems making agreed upon payments.It’s not that you don’t want to adhere to the financial commitments made in the past.It’s simply that events and decisions have led to unexpected financial distress.
That’s why bankruptcy exists. It’s for those times in life when circumstances careen out of control leaving financial misery behind.The key to starting over financially is to consult with a bankruptcy attorney in Tyler, TX sooner rather than later.The attorney will work closely with you to evaluate your financial condition, your ability to pay your debts, and your need for immediate and long-term financial relief.
If you are interested to know something more about attorney Tyler, TX and bankruptcy attorney Tyler, TX then please visit our website www.williamlivelylawfirm.com