Ways,End,Needing,Bankruptcy,La law 5 Ways to End Up Needing A Bankruptcy Lawyer
Bankruptcy is a situation, wherein an individual is termed as unable to discharge all the debts. When a person or a company is not able to pay off its creditors, it has an obligation to file a bankruptcy suit. In fact, a bankruptcy suit is a When you work with an attorney, you will have no problem reducing the risks associated with getting your case in front of a judge and jury, or other formal court, when you need to. However, every case is different. It is important to work wi
If you want to end up requiring the services of a bankruptcy lawyer, these 5 mistakes will get you there. Sometimes, circumstances occur that are out of a persons control such as job loss, serious illness in the family or a natural disaster. At other times, some poor planning or bad habits may land a person on the pathway to Chapter 7 or 13. Here are 5 ways to go rafting down the river of red ink:1) Using Pay Day Loans to get you through to your next paycheck: This is a terrible move similar to borrowing money from a loan shark. These lenders make lofty promises but charge astronomical interest rates and hide the fine print. They offer short term lending which can add up to 400% interest or the loss of ones car. Car title loans have fine print that many consumers dont understand or read closely enough. What results is the person owing money and having no vehicle to get to work to pay for expenses much less the huge debt just racked up.2) No emergency fund: Saving for a rainy day is extremely important for all individuals. If an emergency happens, as they do all the time, there will be cash to cover it rather than turning to the credit cards or landing on the street. Many people live paycheck to paycheck and are just a short bit away from losing everything. The unexpected happens, including flat tires, illnesses, lost jobs and sick pets. These occurrences are stressful enough without having insufficient funds to cover them. Its recommended that a person should have enough for three months of living expenses or a minimum of $1,000.3) Borrowing to pay off debt: Tapping home equity, taking out a consolidation loan to pay off other debts or borrowing from your retirement funds to pay bills is a bad idea. There is no easy fix, so it is better to just keep methodically paying the existing bills off or the trouble could multiply. This is something you definitely might need a bankruptcy lawyer for.4) Living in too expensive of housing: Sure, we all want to have a lovely house or apartment but if its not affordable, it can become a dungeon where youre trapped. Your mortgage or rent payment along with your utilities at the dwelling should be no more than half of your take home pay. If youre spending more than that, youre living beyond your means and in a matter of time will be facing the repercussions. Move to a less expensive place or increase your income.5) Putting your living expenses on credit and not paying them off each month: If you use a credit card to pay for food and other living expenses because you cant afford them otherwise, you are already in trouble. Some consumers use their cards to accumulate frequent flier miles or other perks. If a person can do this and pay them off every month, this can be a good idea. But if he or she is using them to make ends meet, troubles a coming.Sometimes life throws us curves and we end up needing a bankruptcy lawyer. Other times we threw the curves ourselves.
Ways,End,Needing,Bankruptcy,La