Understanding Lawyers - Don't Think the WorstUnderstanding Lawyers - Don't Think the Worst


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Understanding Lawyers - Don't Think the Worst

I got into a car accident when my daughter was 2 years old. My daughter was not injured in the crash, but I was. The accident was caused by a distracted driver talking on her cell phone. The driver insisted that I was attending to my daughter and I took my eyes off the road. I unfortunately had many medical bills to pay and I had very little time to fight with insurance companies over settlement payments. I was concerned about the cost of an attorney, but I met with a lawyer anyway to help with the accident claim. The lawyer relieved my stress and dealt with the insurance company and the other driver. I want you to know that lawyers can be helpful, kind, and caring. Most people think the worst of these professionals, but I want you to know that lawyers should not be feared or avoided.

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Filing For Bankruptcy Versus Credit Counseling

If you are strapped with debt, getting help to turn your financial situation around can be daunting. Whether this be from underwater home payments, skyrocketing credit card debt, or student loan repayments, it can be easy to feel like you may never be able to crawl out of your own personal debt. There are options if you are ready to take serious action and work your way out of debt. Deciding if you should give credit counseling or filing for bankruptcy a try is a personal decision and must be fully researched. Here are the pros and cons of seeking credit counseling versus filing for bankruptcy.

Signing up for Credit Counseling

Pros

Credit counseling is a great way to strategically and methodically pay off debt. Counselors will work with your and crediting agencies to lower your payments, pool your debt and shoulder negotiations for you. This strategy for getting out of debt can clear your credit quickly and get your credit score up if handled correctly.

Cons

Credit counselors often times are in the business for themselves, and their number one goal is to make money. It is important to research your credit counselor and find one that is truly there to help. Another con is that you will end up having to pay back a large chunk of debt one way or another, something that can be avoided with filing for bankruptcy.

Filing for Bankruptcy

Pros

Finding a professional that can guide you through the process is key. The benefit is that you will be absolved of the debt that your currently have, as filing for bankruptcy will get you started with a clean slate. Bankruptcy lawyers are skilled in knowing what type of bankruptcy to file, whether this be personal, business, or some type of combination. A lawyer will work with your information to outline the best plan of attack, and won't have any ulterior motives.

Cons

It isn't recommended you try to tackle bankruptcy filing on your own. That being said, professionals such as lawyers can get expensive at a time that you don't have that much extra cash. Another problem with bankruptcy is that it's a permanent solution that will stay on your credit record for ten years.

Depending on your personal situation, you need to decide what is best for you when it comes to your debt. Make sure that you pair up with a counselor or bankruptcy lawyer that understands your needs. The good news is deciding to deal with your debt, which is a big step in the right direction.