Many people often look down on those who look for a bankruptcy attorney and plan to file bankruptcy. Some argue that these people are taking the easy way out.
Sometimes Bankruptcy Is the Best Choice
However, financial bloggers don’t like to always admit this, but there are some situations where bankruptcy is truly the best decision to be made.
For instance, I know of a couple, John and Stephanie, who lived together for over 10 years. They were engaged the entire time but didn’t ever marry. They did, however, merge finances.
Together they bought a house and two trucks and had some credit card debt. While they weren’t the most financially diligent people, they were making regular payments until John lost his job.
A year later, when John was still unemployed, they broke up. Stephanie discovered that John had secretly opened a credit card and racked up quite a balance. With her modest salary, Stephanie couldn’t meet all of the obligations, including the debt she hadn’t even known about, and pay for her own apartment.
She filed bankruptcy. Now, 10 years later, she says the bankruptcy was the best decision she ever made. She was given a fresh start, so to speak, and now her credit is flawless.
Don’t Wait Too Long If You Are Considering Bankruptcy
Others who are facing large lawsuits, who are unemployed for a long period of time, or who become sick or disabled also may also be good candidates for filing for bankruptcy. A reputable law firm such as those that handle carlsbad bankruptcy, can help you decide if filing bankruptcy is the right choice for your situation.
Don’t wait too long to speak with an attorney. Many people put off filing for bankruptcy and lose their vehicle and/or home because they can no longer make payments. If they had met with an attorney and filed for bankruptcy earlier, they may have been able to keep their vehicle and home.
If you feel your financial situation is dire, meet with a bankruptcy attorney just for a consultation. Perhaps you don’t need to file, or, maybe like Stephanie, you do and once out from the burden of your debt, you can start anew and have stellar credit going forward.