What Do You Recommend To Debtors Who Are Now Looking At Their Situations And Thinking Maybe A Chapter 7 Or Even A 13 Is Likely In Their Future?

If you feel that you need to consider filing for bankruptcy, the most beneficial thing to do is to talk to an attorney as soon as possible. This doesn’t mean that you have to file a case immediately, but bankruptcy law can be complicated and confusing. Speaking to an attorney allows you to get the advice of an expert in the field so that you can make an informed decision about your future.

Our office has been able to have a relatively short conversation with a new client and then be able to advise them on whether or not bankruptcy may be their best option. Even if you are not prepared to file or make any decisions right now, speaking with an attorney will give you the information you need.

Don’t let the situation get out of hand by choosing to ignore it or put it off. You can save thousands of dollars by picking up the phone and speaking in an initial consultation with a bankruptcy attorney today.

What Are Some Of The Warnings That You Would Recommend That Debtors Avoid To Put Themselves In Further Debt Or Further Harm When It Comes To Just Trying To Settle That Debt?

Trying to avoid further debt and harm when you are already in a situation of financial stress can be incredibly difficult. However, there are some important things to consider and avoid to keep yourself in the best position possible:

• Payday Loans: Payday loans can be the worst sources of short-term income. This is because it is easy to get comfortable with taking out loans, but they are incredibly predatory in nature. The amount of money you have to pay back is nowhere near fair. While the market allows these loans and practices, it is best to avoid them at all costs.
• Credit Card Overuse: Using your credit cards too much can be unavoidable for some, but it is an incredibly important thing to keep your eye on. This is especially true if you are planning to file for bankruptcy. Credit card overuse can put you in a position in which you have to wait longer before you are able to submit your filing.
• Using Your 401(k): It’s understandable to be in a position in which you would consider pulling from your 401(k), and many people do decide to draw funds from these accounts before retirement. However, 401(k)s are usually protected assets in a bankruptcy filing.
  This means that drawing from this fund early to pay down debt that will not relieve you of your current situation can be a very harmful decision in the long run. If you are considering using money from your retirement fund, consider speaking to an attorney to ensure that it is the right decision for you.
• Debt Relief Companies: If you are struggling with your credit score, it may be likely that a consolidated load is not possible for you. In this case, you may seek out a debt relief company. It is important to realize that these companies do not control the creditors you owe money to and you can still eb sued by a creditor while working with the debt relief company.
  When you choose to pay a debt relief company you are making payments, but these companies have no obligation to work with the credit companies, etc. that actually hold your debt. This means that you may be making payments to a debt relief company, and during that time, the company which holds your debt may decide to sue you. This can result in a very complicated and negative situation.
  If you are sued, and the creditor can obtain a judgment against you, it could result in dire circumstances. There may be a great span of time that elapses, but at some point, they will likely pursue a garnishment. This is when they are able to contact your employer or bank and retrieve funds from either. This can result in savings accounts being drained overnight, or paychecks being reduced by 25% for months.
• Predatory Lending: When you are financially stressed, it makes sense that you would want to get the best deal possible, or have the ability to purchase something you may need that is outside of your means. However predatory loans are incredibly expensive in the long run and can be incredibly dangerous. It is advisable to avoid them whenever possible.

For more information on Bankruptcy Law in Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (407) 305-5599 today.