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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Things To Factor Into Your Decision About Filing Bankruptcy

When you cannot see a way out of your debt load, you could turn to bankruptcy for help. Before you choose to use bankruptcy, though, there are some things you will need to evaluate and think about. Here are several important things you will need to factor into your decision before you choose to file.

The two types of bankruptcy and which one you qualify for

Chapter 7 and Chapter 13 are the two main branches of bankruptcies you have to choose from, but you might only qualify for one or the other. Before you choose to file, find out which you qualify for and what the effects of it would be.

The costs of bankruptcy

The second thing you should factor in is the costs of bankruptcy. Filing for bankruptcy is not an event that is free; however, there are ways you can get help with the costs if you qualify. In most cases, though, it will cost well over $1,000 to file for bankruptcy, which is a payment that typically must be made in advance. If you are struggling to pay your bills, it might be very difficult for you to come up with this much money to file. Therefore, this is a factor you should think about before rushing into a decision.

The consequences of bankruptcy

You will also need to factor in the consequences of bankruptcy, as there are several that you should fully understand. The first is the effects on your credit. The posting of your bankruptcy event will stay on your credit report for many years, and there really is nothing you can do to stop this or shorten its duration. The second consequence is the stigma you might experience from having to report that you filed for bankruptcy. You may have to admit this when applying for a loan, a credit card, or a job, and many people feel embarrassed by this.

The effects it will have on your finances

Even though there are consequences of bankruptcy, there can be many good things that come from it too. For example, you might be able to wipe out all your credit card bills if you file. You might also have a way to save your house from foreclosure. Make sure you understand all the positives of bankruptcy, too, as you decide whether or not to file.

After you factor these things into your decision, you should have a better understanding as to how bankruptcy will affect you if you decide to use it. To learn more about this subject, schedule a visit with a bankruptcy law firm today.