Having to admit that you are going bankrupt is likely one of the most difficult things that you will have to do in your lifetime. However, declaring bankruptcy and going through its proceedings may just get you to a financial standing that you never thought possible. In other words, the payoff may just make undergoing this process all worth it. Follow along to find out when you should consider declaring bankruptcy and how a proficient Rockland County bankruptcy attorney at The Law Offices of Allen A. Kolber, Esq. can help you through this difficult time.
Under what circumstances should I consider declaring bankruptcy?
You may take different approaches toward working down your debt before resorting to bankruptcy. For example, you may try participating in debt consolidation or credit counseling; apply for a loan modification; or sell your high-value assets. However, if all else fails, then you may be seriously considering a bankruptcy declaration. Without further ado, below are circumstances in which a bankruptcy filing may be deemed necessary:
- You are facing lawsuits by your creditors for your debt payments.
- You are facing a foreclosure on the home where you and your family live.
- You have fallen into the habit of paying for necessities with your credit card, and this certain debt is mounting.
- You have fallen into the habit of paying off your one credit card with another, and this certain debt is mounting.
- You have started borrowing money from your family members, business partners, retirement accounts, etc. to pay off your mounting debts.
What happens once I declare bankruptcy?
Understandably so, you may be hesitant to declare bankruptcy because it may be succeeded by a lowered credit score, difficulty in obtaining loans, and more. What’s worse, you may consider its proceedings to be an invasion of your privacy. But it may be argued that the benefits of bankruptcy outweigh its drawbacks. Examples read as follows:
- A bankruptcy declaration may stop the lawsuits you may be facing from your creditors.
- A bankruptcy declaration may stop the other harassing collection tactics you may be facing from your creditors.
- A bankruptcy declaration may stop the wage garnishment you may be facing with your paychecks.
- A bankruptcy declaration may stop the foreclosure your house may be facing.
- A bankruptcy declaration may stop the repossession of your other assets.
- A bankruptcy declaration may get rid of your unsecured, consumer debts.
All in all, a bankruptcy declaration may give you the ultimate opportunity for a fresh financial start. So when it comes to your bankruptcy declaration, there is no question that a talented Rockland County bankruptcy attorney is the best fit for you. Please contact The Law Offices of Allen A. Kolber, Esq. at your earliest possible convenience.