In an ideal world, everybody will be able to repay his or her debts but a quick brush with reality shows that there are circumstances (both within and beyond one’s control) that will make one unable to repay outstanding debts on time. These are the times when the government, through the judicial system, steps in to provide persons and businesses a new start and give lenders a measure of debt repayment through the process called bankruptcy.
Recently, a friend of mine (to protect her identity, let’s call her Shannon) hired the services of one of the bankruptcy lawyers in New Orleans. She lost her job when the company she worked for downsized their operations in 2011 – and she hasn’t found a stable job since then. Her sporadic income was not enough to pay her living expenses, more so her existing debts at that time. As the penalties and interest charges kept compounding, Shannon finally accepted the facts that there’s no way for her to survive the quicksands of debts anymore except by declaring bankruptcy.
For someone experiencing financial difficulties, it’s tempting for Shannon to just apply for bankruptcy on her own to avoid paying some attorney’s fees. It’s a good thing that she was able to talk to some people, most were former officemates who also lost their jobs during their company retrenching, whose DIY (do-it-yourself) bankruptcy filing ended up in disaster.
The whole bankruptcy proceedings may look easy on paper but sometimes, one would be better off hiring a bankruptcy lawyer than undergoing all those legal processes. When you apply for bankruptcy, you have to deal with the courts and those bankruptcy attorneys have the expertise when it comes to the legalities and judicial processes. You will have a peace of mind in knowing that you’ll be well represented in court saving yourself from headaches and keeping those creditors at bay (creditors cannot call you but should course all collection calls and efforts through your lawyer).
Now that her debts were discharged, Shannon is now adamant to make this fresh start work for her. She knows how one’s source of income could be lost in a blink so she’ll spend only what she can afford.
I agree!!! Go girl!
Disclaimer: This is a sponsored post, however all the points and views are my own.