When you get to the point in your life when you have a pile of bills on your desk that are left unopened, because you feel there’s no need due to lack of finances, it might be time to take a ride down to a local bankruptcy attorney for a chat. In today’s culture, people run away from negativity. In the past, filing bankruptcy carried a stigma of negativity, leaving people with the feelings of failure and embarrassment. Nowadays, this is no longer true for the younger generation. In fact, many of the younger generation feel like it’s not their fault that they’re having to file for bankruptcy. Many feel they were tricked into the loan on a house they couldn’t afford or the creditor didn’t have to give them a $50,000 credit line which is another story in itself. With this new attitude, many find filing for bankruptcy a way to get the second chance they need, while hoping to not make the same mistakes again.
When faced with financial difficulties, the worst thing a debtor can do is ignore it. It can be very tempting trying to ignore the problem, thinking it will go away on its own. The bad news is, creditors don’t go away. Typically, they get more brazen and aggressive the more the debtor gets behind on their payments. In the beginning, creditors will try to befriend the debtors, acting like they’re there to help. The reality of the situation is, they probably know how close to filing bankruptcy the debtor is and want to get as much money as possible out of them before they get wise and hit up a bankruptcy attorney. The further out it gets, the uglier it gets. If the debtor is proactive in the beginning they would be able to avoid a lot of demeaning conversation with a debt collector. Filing chapter 7 bankruptcy will quickly put the creditors in place because of the automatic stay. Once an individual files for bankruptcy, the automatic stay is put in place stopping creditors from any type of collection including phone calls, letters, foreclosure, lawsuits and judgments. Considering this, filing for bankruptcy is one of the most powerful consumer tools to protect the debtor.
Looking into the future, the economy is expected to continue a downward spiral. It’s important for all struggling consumers to pay close attention to notices from their creditors. It might be critical to leave something unopened as you could lose your rights and property just by not paying attention by what the creditors are doing. Before it gets to this place, debtors in trouble should consult a bankruptcy attorney to see what filing bankruptcy could offer them.