If your bills are becoming a concern, and you are finding it difficult to meet your financial obligations, you may decide to file for bankruptcy. According to Bankruptcy Watch, over 418,000 people have filed for bankruptcy in the U.S. so far in 2024 (an increase of over 18% from 2023.) One of the first steps in declaring bankruptcy will be to find a bankruptcy lawyer.
Since your bankruptcy procedure will take place in your home county, it is best to use local bankruptcy attorneys. Not only do they know the local laws, but they can also help you find resources for financial recovery. One of the best ways to get back on your feet after bankruptcy is to devise a budget and learn to stick to it. A local bankruptcy lawyer can help you learn and practice those lessons.
According to Law Info, the best bankruptcy lawyer is one with experience in bankruptcy cases. Although general practice lawyers are qualified to handle bankruptcy proceedings, it is better to use those who have experience with the ins and outs of bankruptcy filings. If you qualify for low-income services, you may also qualify for affordable bankruptcy attorneys through Legal Aid services. Read on to learn more.
Many people don’t see filing for Chapter 7 bankruptcy as a feasible option for escaping the pressures of being in debt. However, it could be the only way for you to get a fresh start with your finances. There are a number of key indicators that mean it’s time to file for a Chapter 7 bankruptcy.
Here are the three main signs that you might need to file for Chapter 7 bankruptcy:
1. You’re living off of credit cards: When your debt increases, rather than decreases, each month, it’s a sign that you don’t have the means to get out of debt on your own. This is a serious financial issue, and shouldn’t be taken lightly or ignored — you should seek a Chapter 7 bankruptcy attorney as soon as possible.
2. You’re receiving constant phone calls from debt collectors: If you can’t pay your bills, creditors will give your information to a debt collection agency. Receiving multiple phone calls each day from debt collectors is a sign that you’re struggling financially.
3. You can’t pay your bills: If you don’t have the income needed to keep up on your monthly bills, it’s a sign that your debt has become too overwhelming to manage.
A local bankruptcy attorney can help show you how to file for bankruptcy (and when to file bankruptcy) so you can get out of debt and move on with your life. A Chapter 7 bankruptcy can help you free yourself from the stress of being in overwhelming debt. Read more here.
