Life has not been kind the last few years. Between illnesses, job setbacks, and a host of unanticipated expenses, the savings were exhausted long ago. With things looking a little bleaker every day, the time has come to seek help from an attorney in Bessemer, AL. Here are some things that the attorney can do to help the client make the best decisions going forward.
Assessing the Situation
The attorney in Bessemer, AL will take a close look at the type of debt the client is carrying and compare it to the total household income. Allowances are made for basic living expenses related to food, clothing, shelter, and transportation. Before any suggestions can be made for alleviating the financial strain, the attorney will have to craft a complete picture of what is happening. A plan of action can be recommended based on the findings.
Considering the Idea of Bankruptcy
While no one likes the idea, filing for some form of personal bankruptcy may be the most practical solution to the financial problems. When it is clear the client does not have the resources to honor the obligations, and that is not going to change, bankruptcy is the only way to get a fresh start and do better.
Depending on the nature of the debt, one form of bankruptcy may be preferable. For clients who do not have much in the way of assets and are carrying a great deal of unsecured debt, filing a chapter 7 bankruptcy may be the best bet. If back taxes are involved, and those taxes do not meet the qualifications for discharging them in a chapter 7 action, the attorney is likely to recommend seeking a chapter 13 bankruptcy. The attorney will also go over other options, such as seeking to have the taxes declared temporarily noncollectable and then filing a chapter 7 to discharge the remainder of the debt.
Do not assume that financial ruin is the only possible outcome. Click here and arrange to talk with an attorney first and find out what can be done. The chances are the attorney will be aware of solutions that never occurred to the client and can begin working on those solutions immediately.
