Dealing with overwhelming debt and coping with the stress associated with a financial crisis creates emotional burdens and causes damage to your financial well-being. However, bankruptcy provides a real solution to a variety of difficult financial situations. For example, a debtor can discharge or “wipe out” unsecured debts through the filing of a Chapter 7 bankruptcy case or reorganize debts into a manageable repayment plan through a Chapter 13 bankruptcy case. Through the bankruptcy process, debtors learn where things spun out of control and how to handle or prevent debt in the future. In addition, when the bankruptcy case is completed, you are able to begin rebuilding your financial affairs.
What is Financial Well-Being & How Do You Achieve It?
We believe there are two parts to financial well-being:
- The ability to make wise decisions about personal finances thereby enabling you to achieve your personal goals.
- Understanding your personal finances and having the discipline to live within your means so that you can plan for the future while paying for your present living expenses.
To sum it up, financial well-being means being able to pay your bills without stress or anxiety, even if you have debts to pay off or unexpected expenses arise. To reach a level of financial well-being, you need to be in control of your money, rather than allowing money to control you, your decisions or your actions. If you are struggling against overwhelming debt and feel there is no way out, talk to a bankruptcy attorney. Bankruptcy can help you solve your financial problems and regain control over your money.
Step 1: Realize a Problem Exists
The first step on the road to financial recovery is to take stock of your current financial situation. If you are…
- …having trouble paying your bills and your living expenses
- …living paycheck to paycheck
- …have bill collectors harassing you at home or at your job
- …facing a foreclosure or repossession
…you are likely experiencing a serious financial crisis. If this is the case, then the next step is to get help to solve your financial problem before your situation escalates and you lose your home or other assets.
Step 2: Get Help from the Experts
You don’t have to face this battle alone. In order to take care of yourself and your family, seek the advice of an experienced bankruptcy attorney. Bankruptcy attorneys have the knowledge and experience to help you find affordable solutions to your debt problems. In some cases, there may be an alternative to bankruptcy; however, making an appointment for a free bankruptcy consultation to discuss options to solve your financial problems is the first hurdle. Your bankruptcy attorney will be the one person who is on your side and truly wants to see you succeed and have financial well-being.
Step 3: Implement a Solution
Filing bankruptcy can give you the fresh start you need in order to recover and rebuild your personal finances. Through a Chapter 7 bankruptcy, debtors can wipe out their unsecured debts so that they can begin to rebuild their lives without the stress and anxiety of having a heavy debt burden that they cannot pay. Some debtors simply need a way to reorganize their debts into a more affordable payment arrangement. Chapter 13 bankruptcy is the answer for those debtors who need breathing room to regain control; this solution allows you to reorganize your debts into a manageable payment plan.
Step 4: Begin Rebuilding
Once your bankruptcy is complete, you will have the fresh start you need to rebuild your personal finances and get to a state of financial well-being. What you learn through the bankruptcy process will be very beneficial to you long after your bankruptcy is complete. Through the required credit counseling course prior you will learn what caused your debt to become unmanageable. The required financial management course will educate you about personal finances, budgets, prioritizing realistic financial goals, how to use credit wisely and the importance of having an emergency fund. These required courses will give you the building blocks and tools to continue on the road to financial well-being.
Bankruptcy is an important step in solving your debt problems and setting you on the right road to financial well-being. Managing your personal finances now and in the future will also help you in other areas of your life, such as your career, your health and your social well-being. Request a free bankruptcy consultation and let us show you how bankruptcy can help solve your financial problems.