4 minute read
Waiting Too Long to Speak to a Bankruptcy Attorney Could Contribute to Financial Hardship
BRODZKI JACOBS
Advertisement
www.bjblawyers.com
Waiting Too Long to Speak to a Bankruptcy Attorney Could Contribute to Financial Hardship
BY: ALYSSA C. BAER, ESQ.
As a Bankruptcy Attorney practicing in Broward and Palm Beach counties, I often see that many prospective clients come to chat with me for the first time a bit too late. The most common reasons clients put off speaking to a bankruptcy attorney are bad advice from friends, family or business associates, fear of judgment for walking away from debt obligations, and fear of damaging their credit or getting behind on payments. While these sentiments are widespread, people experiencing financial hardship should not delay seeking the advice they need to make the best financial decision for themselves. As such, this article will address the reasons why it is always best to seek legal advice as early as possible.
It is important to only take legal advice from an experienced attorney. While friends and relatives may have good intentions, every situation is different, and only an experienced bankruptcy attorney can help you evaluate whether bankruptcy is right for you. Early action can result in preservation of protected assets, such as qualified retirement accounts and homestead property. Many people pay minimum payments on credit cards for years to avoid what they perceive as a stigma associated with a bankruptcy filing. It is important to understand that fear of judgment will not lead to eliminating debt or preservation of protected assets but receiving confidential legal advice can. Before you make one more minimum payment, it would be a good idea to obtain legal advice tailored to your situation.
Next, many people struggling with credit card debt believe that a bankruptcy filing could damage their credit. While filing for bankruptcy could cause a drop in your credit score, your credit risk improves after a bankruptcy discharge. After discharge, most people begin re-establishing credit on their own within six months. While the bankruptcy notation will appear on your credit report for up to ten years, the effect of said notation is not nearly as detrimental as most people believe. The sooner you seek legal advice, and obtain your discharge, the sooner you can begin re-establishing your credit.
Finally, it is important to speak with a bankruptcy attorney before you stop paying your debts. The longer you wait to meet with a lawyer, the more likely you are to be sued by one of your creditors for failure to pay your credit cards. Many people will ignore legal filings, which can result in wage garnishments and levy of bank accounts and other assets. The information that you receive during a legal consultation will assist you in planning to conquer your debt. As a client, you reserve the right to make the decision as to whether a bankruptcy filing is right for you, but it is difficult to make the best decision without having all the facts. If you use your lawyer as a resource to help you work through your options, the plan to tackle your debt will likely write itself.
In closing, if you are currently saddled with debt that you can no longer afford to carry, it is time to obtain valuable legal advice. Do not take bankruptcy advice from anyone other than an experienced bankruptcy attorney, and do not allow the thought of outside judgment or fear to prevent you from obtaining the advice that you need to obtain your financial fresh start.
Vote For Your Favorite Business at ReadersChoiceFL.com
You Could Win $100.00! Voting Closes August 7th
KOUYOU
AMERICAN • JAPANESE • ASIAN HIBACHI & BUFFET
HOW DINE-IN WILL FUNCTION: Our restaurant will continue to be an all-you-can-eat restaurant. Masks must be worn when walking around the restaurant, but can be removed when you’re seated. Gloves will be provided and must be worn at all times when choosing food from the buffet line.
TAKEOUT / PICKUP MENU AVAILABLE ON OUR WEBSITE. QUESTIONS? CALL US. 954-840-8885
CHILDREN’S SPECIAL 4 YEARS & YOUNGER : FREE 5-10 YEARS OLD : 50% OFF (Some Restrictions Apply)
MONDAY– THURSDAY
Lunch 11:30am–3:00pm Dinner 5:00pm–9:30pm
FRIDAY–SATURDAY
Lunch 11:30am–3:30 pm Dinner 5:00pm–10:30pm
SUNDAY
Lunch 12:00pm–3:30pm Dinner 5:00pm–9:30pm 954-840-8885 8000 West Sample Road, Margate
