Many Cleveland, Tennessee, residents have had to deal with major financial issues. Unemployment and unexpected medical bills can happen to anyone, at any time. Some people have an emergency fund to help them through these difficult times. Many, however, are not prepared to deal with these unexpected life changes. They end up with unpaid bills and mounting credit card debt. Even if they have jobs that provide regular income, paying off these debts can prove extremely difficult. As a last resort, consumers turn to bankruptcy.
Many consumers may be reluctant to file for bankruptcy because it is often looked upon negatively. However, when a person’s finances are at their lowest point and they fail to seek help, they can lose everything they have. They may have to give up their house or car and sell everything they own just to survive from one day to the next. Many consumers choose debt consolidation first, but all they do is end up paying hefty fees for a company to call and negotiate their debt with their creditors — something they can do themselves.
Despite its negative connotation, bankruptcy can be life-changing — in a good way. In some cases, it can relieve you of most debts within a matter of months. Your medical and credit card debts will be wiped out, so you’ll no longer receive harassing calls from creditors. You may even get to keep your car or home. If you’re struggling to pay your mortgage payments or auto loan, a bankruptcy lawyer will work with you and your lenders to come up with a plan.
Don’t continue to live with financial stress every day of your life. For those who struggle with an ever-increasing load of debt, attorneys at Richard Banks & Associates can help. Please visit our website to learn more about the bankruptcy process and how it may help you gain a fresh start.