Need Debt Help? Call a Lawyer Today

At one time or another, just about everyone will need some sort of help with their debts. Problems managing debt can come about due to unanticipated medical expenses, having to go on short time at work, or losing a job altogether. As the savings begins to dwindle, it is natural to panic a little. Before things get any worse, people who Need Debt Help should consult with a lawyer.

Assessing the Financial Situation of the Client

One of the first things that the lawyer will do is take a good look at the financial circumstances of the client. This will mean providing complete information about all creditors and the amounts currently owed to them. The client will also need to provide data about all sources of income. Should the client own any type of real estate, more than one car, or any holdings that could be converted into cash, those assets must also be mentioned.

The goal is to determine if the client does Need Debt Help, or if the ability to take care of those debts already exists. When the latter happens to be the case, the lawyer will likely refer the client to a financial counsellor who can aid in managing the sale of assets and applying the cash to the current debt load.

The Possibility of Filing for Bankruptcy

If there are not resources already in place to help manage the debt, then the lawyer will discuss the option of bankruptcy with the client. Bankruptcy is a mechanism that can be used when individuals Need Debt Help and there is no way to honour those current debts. As the lawyer will explain, there is more than one type of personal bankruptcy to consider. Depending on the circumstances of the client, it may be possible to qualify for one or both of those types.

Before any further action takes place, the lawyer will go over the pros and cons associated with each approach. This allows the client to make an informed decision about seeking bankruptcy protection, and which approach would be the best bet.

There is no need to sink deeper into debt. Talking with legal counsel will be the first step in bringing some order to the chaos. Once that first meeting is complete, the client will understand what options are available, and what must be done in order to regain control of the finances.

Be the first to like.

Be Sociable, Share!
    Shares