Bankruptcy even sounds exhausting when you say it, and you know what’s even more tiring? When you actually begin the process. Most people (especially when going through bankruptcy) don’t think they have the funds necessary to receive legal advice from a licensed professional.
Let me tell you; it is a sad day for human rights, and equal rights when the vast majority of people think they don’t deserve or can’t afford proper legal counsel. Everyone has a right to speak with some sort of advisor to help them with their legal rights. During the time of your bankruptcy, you really can’t afford to be left vulnerable to more excessive legal service and court fees. These are things an attorney can help you with, through out the process.
Beginning Stages of Debt – The Dreaded Collections Department:
Everyone has dealt with telemarketers calling at dinner time trying to catch us hard working individuals just as we’re coming in the door from work. They have always been a known nuisance, and there is a stigma attached to the profession in general. If you have yet to deal with collections agencies, then you haven’t realized the potential of the annoyance that can be achieved by a collections representative. Collections agencies are known to make the majority of their collections calls in the morning bright and early. For those of us who work late night occupations, this can be undoubtedly disrupting. Not only do they tend to place calls first thing in the morning, but they never stop calling. Collections agents will persist insatiably, and consulting your lawyer is highly recommended before any decisions or payments are made.
Moderate Debt – The Garnishing Begins:
Debt, in the more severe cases, can lead to something called wage garnishing. This is when the company or business that you have debt with will have access to your paychecks before you even open them. Just imagine someone reaching into your paycheck and pulling out a big chunk of your hard earned money before you even see it. Most people believe that child support bills are the only kind in which they can garnish your wages from your paychecks. This is a mistake and one that can leave you high and dry without money for your regular monthly bills. Then you’ll find yourself “up a creek without a paddle.”
In Serious Cases of Debt:
Significant debt can lead to a home foreclosure, which is, unfortunately, a common side effect of filing for bankruptcy and is also one of the most difficult to navigate legally. When you proceed with a foreclosure, the banks will close up and lock the property (changing the locks and even sealing the windows from inside) to ensure no one can return to the property once it’s been closed by the bank. Anything that is left on the property will also be taken by the bank, usually to be sold at auction along with the house.
You Have More Options with your Foreclosure:
Now typically if you file for bankruptcy, the Insolvency laws protected by the American Judicial system, can provide a solution in which the homeowner will be able to keep their home.
You Always Have Help:
Bankruptcy can be stressful and a downright depressing situation, but don’t give up yet. Everything seems like more of a struggle until you’re on the other side looking back. Just remember to keep one foot in front of the other, and don’t be afraid to ask others for help when you need it.