When you think of the term bankruptcy, as a Peoria, AZ bankruptcy attorney knows, you may not realize just how beneficial it can be. You may think of many negative images and stereotypes about bankruptcy and that the term itself can be kind of scary. Because of this, consumers tend to forget that the real purpose behind bankruptcy is to get people back on track to a path of better financial wellness. Those who file for bankruptcy are protected from creditors and also get relief from some or perhaps all of their debt obligations. Of course, this may still seem like an overwhelming task, but it is possible and could be worth the time and effort. If you are wondering whether bankruptcy could be good for you, contact our team at Wright Law Offices today for a consultation.
Bankruptcy Attorney Advice
Financial distress may happen over the course of time, or suddenly and unexpectedly due to an outside event. Perhaps you were in a serious accident or sustained illness that caused you to accumulate expensive medical bills. Or maybe you have been trying for quite some time to find balance in your finances without the ability to do so. The cost of living has increased, but people’s earnings may not reflect that demand. For most people, financial hardship is a gradual process. There are many warning signs that things could be going downhill. If you ignore such warnings, then it may become too late to do anything else but file for bankruptcy. As a Peoria bankruptcy attorney explains, some signs that bankruptcy could be beneficial for your future are listed as follows:
- Your credit cards have gotten maxed out
- Your debt is growing instead of going down every month
- You use credit cards to pay for expenses like rent, utilities, or groceries
- You are struggling to meet the minimum monthly payments for your debts
- You are facing a lawsuit (or being threatened) from a creditor
- You do not qualify for programs like debt consolidation loans or debt management
- You are having to pay overdraft fees every month
- You are being called relentlessly by debt collectors
- A divorce, medical condition, or job loss set your finances back
Get Support Today
Bankruptcy is not typically the first option when people are seeking debt resolution, however, it can be a good remedy. There are pros and cons to consider. For example, filing for bankruptcy may not mean that all of your debts are discharged. This will depend on your situation and which bankruptcy chapter you file for. There are six bankruptcy chapters to choose from, so it’s important that you pick the one that is most suitable for your circumstances and preferences. To get support from a Peoria bankruptcy attorney, please do not hesitate to get your questions answered. Our team at Wright Law Offices is ready to offer guidance. You don’t have to endure financial hardship alone, as there are professionals and resources out there to assist you. We hope to learn more about how to best help you today.