If you are considering filing for bankruptcy, give us a call. A bankruptcy doesn’t wipe your slate clean of all debts, but it will affect your credit and stay on your credit report for several years. A bankruptcy is nothing to be ashamed of. It can offer a fresh start to someone who has suffered a tragedy that resulted in insurmountable debt. Yet, before filing, it would be beneficial for you to speak with an Alloy Wealth Management fiduciary financial advisor who can look at your current financial situation and offer sound advice.
A bankruptcy can be a lengthy legal process that takes four to six months to finalize. Although you can file for bankruptcy without the representation of an attorney, it isn’t recommended. Bankruptcies go to court and a judge will evaluate payment history, correspondence with creditors, and other proof that you did everything you could to get control of your financial situation before filing. When in court, the judge will decide whether you have the right to have certain debts discharged or if creditors can object. The entire process is complex and having an attorney can be a blessing during a stressful time.
An experienced attorney can recommend your best course of action. She may suggest you continue to make good-faith payments to creditors to reduce debt while awaiting court or stop paying bills the moment you file. It will depend on the type of bankruptcy and your situation. Your attorney will know which assets you need to sell and which you can keep. Also, individuals and businesses represented by bankruptcy attorneys tend to fair better in court than those who represent themselves. If you are considering filing for bankruptcy, the first thing you need to do is talk to an experienced fiduciary who can offer recommendations and a shoulder to lean on. Contact Alloy Wealth at 800-689-3935 to speak with one of our team members.