When Should A Person Declare Being Bankrupt?

• 9 May 2019
• Bankrupty

Bankruptcy can seem like a scary proposition but it is a tool and when used in the right situation it can be the key to a fresh start. Everybody is not in a situation to benefit from or qualify for bankruptcy so being aware of the feasibility is the first step in the process. In a nutshell, bankruptcy is for people who can not afford to pay their debts. If you owe more in loans, credit cards, mortgages, taxes, and other bill payments and financial obligations that you are earning, then you should consider bankruptcy. If you’re barely getting by only making minimal late payments on debt and getting calls from bill collectors, you should consider bankruptcy. Financial freedom to have a fresh start and climb out of debt so wealth can be built is often the result of a well-planned bankruptcy with professional legal assistance. Periods of unemployment, divorce, investment losses, and other catastrophic life events can be the catalysts for an appropriate financial reset. Besides personal bankruptcy, businesses small and large go through bankruptcy and if you’re a business owner considering such a thing you even more so require legal assistance.

How Navigating A Bankruptcy Can Be Overwhelming?

When considering the concept of bankruptcy it often has a public and social negative stigma. It can seem like an overwhelming, stressful, and intimidating endeavor but proper education and legal services can guide you through the path coming out better than ever. Bankruptcy doesn’t have to be a dark abyss but rather can be a light at the end of the tunnel. When considering which type of bankruptcy is more appropriate for you between Chapter 7 or Chapter 13, who gets paid, and how your future earnings could be affected can be a turmoil. Financial and professional negative energy often spills over into social life and personal relationships, which can be an overall detriment. This difficult time can be better navigated with a proficient lawyer.

How A Bankruptcy Lawyer Can Help You?

A bankruptcy lawyer Suffolk County can help you successfully come out of bankruptcy in the best position possible. Answering your detailed questions about being a good candidate for bankruptcy and which type of bankruptcy is a critical initial incentive to get a bankruptcy lawyer. It may be more in your interest to have your assets liquidated to pay your debtors with a Chapter 7 Bankruptcy or you may want to keep your house, car, and other possessions with a Chapter 13 Bankruptcy and given a grace period for payments. Qualifications for both vary and a competent attorney can properly advise you on this. Not doing so would be like rebuilding an automotive engine instead of hiring a mechanic or performing your own open heart surgery rather than seek a medical doctor surgeon. You can focus on earning and rebuilding your life in other ways and allow your lawyer to do the heavy legal lifting for you.

Traits of A Proficient Lawyer

Traits of not only a proficient but an excellent bankruptcy lawyer Suffolk County include experience, a proven track record, reputable credentials, and the ability to properly communicate with you. Your lawyer should be knowledgeable, dedicated, determined, and professional. These traits are what you can expect to find at Radow Law Group.

Why Should You Consult Radow Law Group?

You should contact Radow Law because we are true experts at what they do. We care about the best possible financial outcome for you and your overall well being and are backed by a team of highly educated attorneys with proven track records of success in finance, business, real estate, and other law. Do not travel the dark path of bankruptcy alone nor avoid the path when it could lead to your destination of success. Let Radow Law guide you and illuminate the way by giving a call to 516-338-7800 or 212-577-5000 for a FREE consultation.