Trying to address financial issues is often like going through the stages of grief. You may first deny that a problem exists and then feel angry that your situation became this overwhelming. You could also consider bargaining as a way to lower your outstanding debt, only to find that this tactic does not have the desired result. Unfortunately, your predicament may even lead you to fall into depression because you feel without hope.
The final stage of grief, and hopefully also of your struggle with financial issues, is acceptance. Once you accept that you have serious financial problems that need real solutions, you may feel ready to consider realistic debt relief options, like bankruptcy.
Points to know about bankruptcy
You may have put off bankruptcy while overwhelmed by other feelings associated with your debt. Additionally, you may land among the numerous people who mistakenly believe that bankruptcy will only further harm their situations. However, waiting to file due to negative stigmas may only result in your financial strains becoming worse. Filing a bankruptcy petition may halt creditor actions against you and give you time to get your financial affairs in order.
Another point to remember about bankruptcy is that you need to make all of your debts known. If you fail to declare a certain debt, the bankruptcy process cannot help with that debt. If you want your debt discharged or otherwise addressed, you need to declare it during your bankruptcy proceedings.
Bankruptcy also involves a considerable amount of paperwork. Unfortunately, you could easily make mistakes when filling out or filing that paperwork, especially because bankruptcy is a legal process and you may not have extensive legal knowledge on the subject. Even a seemingly simple error could put your bankruptcy proceedings off track, which could lead to delays or possibly even the dismissal of your case.
Luckily, you do not have to go through the process on your limited knowledge alone. You can obtain assistance from an experienced bankruptcy attorney who understands the ins and outs of the legal process and who can provide you with important information about your specific case. Having a legal advocate on your side may help you feel more at ease and give you a better chance at a successful bankruptcy case, which could help you reach a more stable financial future.