Outstanding debt can lead to overwhelming feelings of hopelessness and may cause a strain on relationships. If you have large debts that you feel you cannot repay, then filing for bankruptcy may seem like your only option. Before you begin to file for bankruptcy due to insolvency, or situation in which your debts and liabilities exceed your assets, consult a lawyer. Whether you have personal credit card debt or business obligations you cannot meet, it is advisable never to file for bankruptcy without the advice of a bankruptcy attorney.

What can you do?

Your attorney can help you decide the best route to take to overcome your debts. Because attorneys from Brent George Law are familiar with the local court system, they can advise you about steps to take before filing. He or she may suggest ideas that you had not considered as means to help your chances during bankruptcy or debt settlement. If your goal is to avoid further marring your credit, here are some measures to discuss with your attorney:

  • Listing all sellable assets and liquidating them to pay off debt
  • Reducing monthly expenses to find additional funds
  • Debt consolidation to combine all debts to avoid missing payments
  • Balance transfers to lower interest rate lines of credit
  • Credit counseling with a non-profit counselor to help you reduce your monthly payment

Consult With an Expert To Understand Your Options

Having proper legal assistance from Brent George Law to help you overcome your debts can lighten your mental load. With the help of an expert in bankruptcy law, you may be able to see other options to reduce your debts and keep the collections callers at bay. For instance, an attorney can negotiate with creditors on your behalf. This is known as debt reduction. It is possible that you could receive a settlement of your debt in a way that will not involve disclosing all your assets and surrendering non-exempt property. A bankruptcy attorney can help you navigate your various options to help you stop accumulating debt and start dealing with it in a healthy way.

When Bankruptcy is the Final Decision

If, after all, you and your attorney decide that filing for bankruptcy is your best option, don’t worry. People can and do bounce back from this to become solvent individuals and businesses. Creditors want to be paid. They will continue to pursue payment even by means of a lawsuit against debtors. With a skilled lawyer on your side, you can avoid dealing with collections agencies directly. Instead, trust your legal counsel to guide you through the filing process and argue for a compromise that will reduce your immediate strain while bargaining for a long-term solution.