It is almost impossible to turn on the news without hearing about a local company closing, jobs being lost, the housing market, or some other reminder of a still staggering economy. In these tough times many people consider options they may have never thought they would, including filing for bankruptcy. Unfortunately many people may view bankruptcy as failure, when in fact, it offers individuals a chance at a fresh start. If you are considering this option you are in good company; both Steve Jobs and Donald Trump filed for bankruptcy and went on to become household names and very wealthy individuals. Now, filing for bankruptcy certainly doesn’t guarantee that you will go on to earn millions, but it may give you some peace of mind and help you get back on the right track.
Many people struggle with debts for months, years, or even decades before finally considering bankruptcy as an option. Often times people feel that they do not have enough debt to merit filing for bankruptcy or that they can eventually handle the debt that they have. There is no right answer for how much debt is enough to file for bankruptcy. There is no magic number or solution. Different levels of debt impact people differently. Different issues surrounding debt may resonate more with particular debtors. Individuals facing law suits, garnishments, or threats may have more immediate reason to consider filing for bankruptcy. Even without an immediate threat of action, there are a number of reasons to consider a proactive approach. Speaking with an attorney now will allow you to make payments on your bankruptcy and may enable you to act before a garnishment or other legal action. Further, many debtors grow increasingly frustrated as they spend years trying to pay down debts and make little progress due to interest rates, penalties, and fees associated with their accounts.
If you are considering bankruptcy, it is probably a reasonable option. The best course of action is to schedule a consultation with an attorney. An attorney can make the process very easy to navigate and can help you on your journey to financial stability. Your attorney can discuss the various options, as well as the advantages and disadvantages of each option.
If you have questions, or would like to set up a consultation, contact a trusted St. Louis Bankruptcy Attorney today for a free, no obligation consultation. We would be happy to answer any of your questions.