Each person’s financial situation is different from another’s. And while you may feel like your finances haven’t been so great, at what point should filing for bankruptcy be seriously considered? If you have wondered about whether bankruptcy is the next step to take, just know you are not alone. There are so many individuals and families that are struggling financially right now. But knowledge is powerful, and the more you know, the more options become available to you that you hadn’t thought was possible before.
Is it my budgeting that caused my finances to suffer?
If you have expenses that consistently exceed what you earn, then eventually you may find yourself without any funds at all and are not sure what to do next. Some people can benefit from budget counseling and reassessing their spending. But for those who’s expenses and debts are vastly more than their earnings, and a pay raise or job change isn’t in the near future, then more may need to be done than just a change in budgeting.
What can I do about my medical debts?
Do you have medical bills that you cannot afford to pay? Do you not earn enough each month to afford medical benefits in the first place? Healthcare costs can be steep, as a bankruptcy attorney from The Law Offices of Ronald I. Chorches know, so it can be easy to fall behind on paying them. Bankruptcy can help you get your healthcare costs or debts more under control. Most medical bills are dischargeable, which means you will be better able to afford medical care costs from there on out.
I was a victim to a scam, how can I get out?
A person with plenty of debt is someone that is also vulnerable to being taken advantage of. Sadly, because someone may be desperate for money, they may fall prey to scammers who want to further ruin their financial stability. If you were called by someone who ended up being a scammer, bankruptcy may be able to help you. Remember, bankruptcy in itself is not a scam. In fact, it is a useful resource for people to depend on when they are in such financial hardship that it seems impossible to recover.
What other ways is bankruptcy beneficial?
Mental health is a topic that should always be treated seriously. When finances are not where people want them to be, it can make them feel down on themselves and unable to live the life that they imagined for themselves. As the team from The Law Offices of Ronald I. Chorches understands, bankruptcy not only alleviates debt issues, but can help someone feel better about who they are and their options for the future. If finances have caused you to lose sleep at night, affected your personal relationships, or otherwise caused mental stress, then it may be time to consider bankruptcy.
When tough financial times hit, it can feel like there is nothing that can help us. But don’t forget that bankruptcy is a resource that is available to those who truly need a financial restart for their future.