When a person or couple have reached a point to where they can no longer manage their debt, it may be time to consider speaking with a chapter 7 bankruptcy lawyer in Frederick. However, it’s important to understand that not only are there legal issues that will need to be dealt with, there are also emotional issues that can be rather difficult to confront.
Peace of Mind Financially Speaking
The first thing to understand is that filing for bankruptcy can, in many ways, almost immediately give a person or couple some peace of mind. Once a person has filed for bankruptcy, creditors are no longer allowed to contact them. If they do, a quick referral to the bankruptcy attorney will normally solve any issues with stubborn or persistent credit collectors.
Saving Your Home
If a person or couple is facing foreclosure, filing for bankruptcy can halt the foreclosure proceedings. This will not negate it, but it could give the homeowner the opportunity to restructure their mortgage with the lender or to perhaps catch up on payments that are overdue.
However, the emotional effects of having to file for bankruptcy can take people by surprise. People are often embarrassed as they feel their friends or family may look down on them for not being able to manage their finances. All these things can weigh heavily on a person or a couple.
The thing to remember is that it doesn’t take much to get behind on debt. Sometimes an understandable mistake of forgetting a payment can snowball into something of significant proportions. Sometimes, a loss of a job, a sickness or a reduction in hours can lead to financial issues. Even if filing for bankruptcy was a product of your own making, it’s important to understand there are lessons to be learned, a new day will eventually dawn, and you’ll be wiser.
Knowing about the unexpected emotional ramifications of hiring a chapter 7 bankruptcy lawyer in Frederick may not make them any easier to deal with, but it may not be all that surprising when a person feels them coming on. Regardless, if your finances are a mess, and you want to get things worked out, emotions notwithstanding you may want to click here now.