Sometimes, filing for Chapter 7 bankruptcy is the best option when a person has financial troubles. Bankruptcy Attorneys in Wellington FL provide consultations to men and women considering this possibility, and they help clients fill out and file the paperwork with the court.
A Common Reason for Financial Difficulty
Often, men and women get into overwhelming financial trouble because of a medical problem. They may have needed surgery, for example, or may have been hospitalized after an injury. A life-threatening illness can easily wipe out someone financially. One MRI session can cause $20,000.
Even with health insurance, the outstanding cost can still be more than they can afford because of the deductible and co-pay amounts. Some charges may not be covered. As they try to make payments on those bills, they get behind on other payments. They start using credit to pay for necessities. The situation continues to worsen.
It pays to consult bankruptcy attorneys in Wellington FL before the situation gets very serious. When a credit card company sends a past-due account to a law firm to start legal proceedings, the problem has escalated significantly. The same is true when a mortgage company starts the foreclosure process or a landlord sends an eviction notice. Being proactive, even when the idea of declaring bankruptcy is upsetting, is a smart strategy.
Other options like debt consolidation loans may seem enticing, but often, the person cannot truly afford the monthly payment. The same is true for Chapter 13, which is a repayment plan instead of a debt-clearing method. Debt settlement is a possibility for some men and women, but only if they can pay large amounts to companies in return for the elimination of the balance owed.
After Chapter 7 bankruptcy filed through an organization like the Law Offices of Sean I. Koplow, the person has the chance to start over. Rebuilding credit takes time, but not as long as people tend to think. As long as this man or woman makes payments on time in the future, that credit score will keep moving up. Visit to schedule a consultation.