With the economy continuing in a spiral down, many consumers are coming to the conclusion that filing bankruptcy might be in their future. Many Americans are suffering with unemployment and even many are living paycheck to paycheck because all they can get is partial employment. The good news is . There is a delusion of ads that are put on TV for people in debt. Most of these ads are from debt consolidation companies who promise the goal of being debt free without filing for bankruptcy. Although this sounds great, a debtor needs to be very careful especially in this time of financial distress. The last thing a debtor needs to do is give the money they have left to a debt consolidation company and find out that the creditor will not accept the offer.
Consulting a bankruptcy attorney will give the debtor multiple options, along with the pros and cons of filing for bankruptcy. Creditors lead debtors to believe that the only reason bankruptcy attorney tells debtor to file for bankruptcy is so they can make a pile of cash. This is far from the truth, many attorneys will send debtors that don’t qualify down the road, advising them of alternatives to filing for bankruptcy.
The road leading up to a bankruptcy filing can be a confusing time for the debtor. Many ill-advised debtors will borrow money or take money out of their retirement account to pay back the creditors. Having a Bankruptcy attorney advise them will help protect any assets that might be sold or given away otherwise. Hiring an attorney that works in your local district, will be experienced in the exemption laws of the state and know how to protect the maximum amount of a property that otherwise might be lost. The only debt solution that protects the consumer from their creditors while the process is going on is a bankruptcy filing.