When you are in a completely unstable financial condition, it becomes an important call to decide whether to file for the bankruptcy or just wait and hope for the situation to turn better. It’s a very difficult task to determine as it will be your most significant financial decision. You can realize that you will need help to manage the finance and to stay afloat. But filing the bankruptcy is something about which you are unsure. Its necessary to discuss the situation with your lawyer. The attorney can help you to know about the alternatives in details. The lawyer will be the apt person to decide finally.
Knowing the financial status
A lawyer can determine the right set of activities that will help you to get over the tough period. For the decision making, the most important work is to have a clear idea about your current financial condition. Make a complete list of all the debts including those for credit cards, rent payments, mortgages, personal loans, payday loans, tax debts, students loans, and tax debts. Many other liabilities will enter your list when you concentrate on the borrowing. If you have the option of negotiation with the creditors outside the courtroom, then immediate bankruptcy filing may not be necessary.
Choosing an alternative way
When you try to negotiate with the creditor, the creditors will feel that you are seriously under financial stress. The debt management professional will handle the negotiation with sufficient expertise. There will be an urge to resolve the debt from the creditor’s side too. The bankruptcy lawyer Huntsville can also guide you for credit counseling. The counseling will help you to lower the amount of mortgage payments due through loan modifications. The attorney is the right person to explain you logically whether filing the bankruptcy case will be helpful for you or you should go for negotiations directly.
Disclaimer:“No representation is made that the quality of legal services to be performed is greater than the quality of legal services to be performed by other lawyers.”
