Regaining Financial Footing

Regaining Financial Footing

Regaining Financial Footing

There is no escaping the disastrous economy. Ask any Lafayette bankruptcy attorney. Nearly every Lafayette bankruptcy attorney is seeing double digit growth in business, despite the claims that the economy is now starting to rebound. Each Lafayette bankruptcy attorney surveyed has seen a jump in people coming in to try and rescue their finances, even though it is still early in the year. Very early. And while this may seem like good news for the attorneys, that their business is growing, it doesn't bode well for the region in the trouble and human toll it will take on individuals and families. Many people who find themselves seated in front of their attorney are in what can only be described as a state of shock. Until just recently, these were the same solid, bill paying citizens where were meeting their mortgage payments, paying tuition at private schools and maybe even has a little left over for an IRA. Then the economic storm that has hit so much of the nation and world hit them as well. Perhaps a job was lost, or an unexpected medical bill had to be paid, or the mortgage payment ballooned and forced any semblance of a budget into surrendering to immediate payments. Often, people see that their finances are in trouble, but disregard the obvious. They think that things will get better on their own, and things sometimes do, but it is well worth any person's while to keep a close eye on their finances, especially when there has been unexpected trouble. Things go south quickly. One good idea is to look for an attorney -- before you need one. This way, if you take your time and do your homework and retain an attorney who will best match your goals, you will be much happier with any outcome. Ask you relatives or friends is they can recommend anybody. Often they have had to reorganize their finances, though it is not something many people will brag about. If it turns out that your family and friends have been lucky and smart during this terrible recession, then search the Internet. Most attorneys have detailed web sites which will outline their services and their background. Once you retain an attorney you may be advised to file either Chapter 7 or Chapter 13. Chapter 7 will have you selling your assets and paying off those you owe. Chapter 13 will have you setting up a schedule to repay creditors and keeping some assets. In some cases the advice may be simpler and meant to keep you outside the court system: get on a budget, sell some toys and talk to your creditors and outline a private repayment program. No matter what the choice, a good attorney can be your first step in regaining your financial footing.

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