Financial ill health has become a very common problem and hardly there are any families left, who have not been hit with the crisis. With economy in such a mess, people are finding it difficult to survive under financial pressure. But you are certainly not the only one, the whole nation is suffering. Bills are not getting paid, there are wage cuts, loss of jobs etc. The worst thing that can happen now is the growth of these debts. Middle income families are going to be bowed down under burden of debts.
Things are not as bad as we think it is and it certainly is not the end of the road. Financial ill health can be cured or treated at the best. You can begin by improving your relationships with creditors, reduce your debts and try managing your money more efficiently. Financial troubles do not hit suddenly rather they are very casual in their approach and gain momentum as severity as time passes. This is the reason that it goes unnoticed initially till it attains unnerving proportions. Hence, be abreast with your account books. Unpaid bills, calls from bill collectors are all indicators of the coming financial storm. Curb it and manage it as soon as possible, lest it sweeps you away. If you realize after using all your skills in managing your money and are still not able to stretch your paycheck the extra mile in order to pay monthly bills, it is time to act.
Review your situation, check pending amounts, contact creditors and inform them about your predicament. Explain reason of due payments and defaults. You cannot be harassed by creditors for payment since the law protects you, but never forget that you owe the creditors money and they need to be paid back. Consult a financial advisor and try credit counseling. According to new bankruptcy laws, credit counseling is mandatory for people considering a bankruptcy filing. Give your bankruptcy filing decision considerable thought and take professional advice from a bankruptcy lawyer. Under his guidance you can decide the chapter under which you want to file for. He would be able to determine the best course of action given your circumstances and situation.
If you qualify for chapter 7 bankruptcy under means test, your assets would be used for recovery of money in order to pay off your creditors. You can continue to retain certain properties as mentioned in the exempt asset list permitted in the state. If you do not qualify for chapter 7, you can file for chapter 13 bankruptcy which allows you time and plans your debt payment in congruence with your paychecks. This bankruptcy plan helps you to repay all your debts.
Contact a skilled Savannah bankruptcy attorney if you need debt relief assistance or want to file bankruptcy.