Just the idea alone of freeing yourself from all that heavy debt is enough to get you excited, however, before you start calling bankruptcy attorneys and scheduling appointments, you need to consider all angles very carefully.
In many cases, bankruptcy will indeed protect you from the creditors knocking at your door, ringing your phone and threatening to take your home and car. It will stop those threatening to garnish your wages, the debt collection harassing calls and other creditor actions like letters every day in your mailbox. It can put you in a much better place to pay all of your current bills and straighten out your financial life.
But, should you decide to file for bankruptcy and call one of the known experienced attorneys in the field like Stover Gadow & Tyler In Jackson MS, you should know the consequences of your actions, too. Everyone is looking for a fresh start, a do-over, so to speak. But, it’s not a magic wand or a cure-all. A great deal of your successful future is still up to you. Secured creditors may still be able to collect money from you, as well as other creditors. For example, if you owe child support, alimony or back-taxes, you will still be obligated to continue paying these. Additionally, college loans and fines resulting from judgments also are exempt from any bankruptcy rulings. Moreover, if your habits don’t change after the bankruptcy, any debts you run up after the bankruptcy are your responsibility. As surely the attorneys at Stover Gadow & Tyler In Jackson MS will inform you, the bankruptcy will leave a negative mark on your credit report for years after your initial filing. This could impact your ability to buy a new home, rent an apartment or buy a new car.
So, many issues should be taken into consideration before filing for bankruptcy. This is not to say you shouldn’t do it. It’s just to say, many issues should be considered before you make your appointment with an attorney. Once you do start over, your life will need to change so the same mistakes do not happen again. It’s recommended you take financial counseling classes to help learn budgeting techniques, disaster preparation and investment advice for the future.
