The decision to declare bankruptcy is by no means an easy one. If your financial affairs are in a state you consider less than ideal, getting your personal economy back in good shape may be possible. Paying off debts quickly and making arrangements with your creditors can help you get back to where you need to be. But sometimes, bankruptcy is your only option. If so, you may feel lost and intimidated. While those feelings may be natural, you shouldn’t succumb to panic. Your first move should be to call a qualified, skillful lawyer.
When it comes to finding an Arlington bankruptcy attorney, the Law Offices of David Kohm can help. You don’t have to be alone when declaring bankruptcy, and an experienced attorney can help you navigate the bankruptcy process and recover your finances.
To the layperson, a declaration of bankruptcy may seem like the conclusion to a series of events, but it really is a new beginning. Bankruptcy is a process that helps you move toward a more secure financial future through debt settlements with your creditors. And while filing for bankruptcy will allow you to discharge some debts, it is not an automatic, get-out-of-debt-free card. You will still be responsible for paying most of your debts, though you will have payment plans tailored to your situation.
One big transition that follows declaring bankruptcy is that you will have to learn to live on cash. If you are accustomed to making mostly credit purchases, this may be difficult at first. However, shifting to cash as you primary means of purchasing will help you establish the discipline to maintain a responsible lifestyle throughout and after the period in which you’re paying off creditors. Working with cash following bankruptcy will actually be preferable for you, because post-bankruptcy interest rates tend to be much higher and credit will be very hard to come by.
Perhaps most of all, patience is important to maintain after filing for bankruptcy. It will take time to pay off creditors, to restore your credit rating, and to save up for major purchases on a cash-only basis. However, with an experienced bankruptcy attorney such as a member of the Law Offices of David Kohm on your side, the process can be manageable. Call the firm at 817-204-0900 to learn about your options in a free consultation.
