Many people consider talking to a bankruptcy attorney in Ocean County because of duress by creditors. They may be receiving constant phone calls from debt collection agencies who want a date for bill payment, when none is possible. The may be facing wage garnishment, repossession, and lawsuits. The financial and emotional burden that accompanies insolvency can put a huge pressure on a debtor to consider a major solution like bankruptcy. Don’t wait until you reach this point before you contact your bankruptcy attorney in Ocean County.
The meaning of bankruptcy has changed over the years, and many people, especially those that have never had to face financial insolvency, do not have a clear idea of bankruptcy. They may feel that bankruptcy is simply a forgiving of your debts that stays on your credit reports and ruins your financial mobility for some period of years. These days, bankruptcy has changed to be fair to creditors as well as debtors. If you loaned someone money, you wouldn’t want them to easily have the debt dismissed. Banks and other creditors don’t have bottomless coffers either. When debts are forgiven, businesses suffer, the risk of future loans (and the accompanying interest rate) rises, and the people that work at the bank or other business – common people such as you – suffer. For this reason, bankruptcy rules and regulations have moved toward creative repayment rather than just forgiveness.
This means that a strong strategy for a responsible person is to have a strong financial plan. The new bankruptcy process involves training people to properly manage their debts. For you, the first line of defense is to control your finances long before having to consider bankruptcy. Learn to construct a workable budget and develop the discipline to follow it. Take classes at the community college, get a book, or study online to get an understanding of basic debt management.
If you educate yourself and find that your spending is exceeding your income and you are not sure how to get it under control, this is the time to contact your bankruptcy attorney in Ocean County, not wait until the creditors are knocking at your door. Your attorney can give a true assessment of your situation, and decide whether you can make changes on your own, whether you may need to hire a financial counselor, or if you may actually need to consider bankruptcy relief. The sooner you make the contact, the more power you will have to make a reasonable plan for dealing with your finances.
Bankruptcy attorney Ocean County – The bankruptcy attorneys of the Law Offices of Lee D. Gottesman have represented debtors and creditors, in cases arising under Chapters 7, 11 and 13 of the Bankruptcy Code, since 1986.
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