Building Personal Credit After Filing Bankruptcy With A Law Firm
Filing bankruptcy can be a life altering decision. Many Americans simply haven’t realized that it can be for the better. Debt can accumulate so far, making it absolutely impossible to save money in the end. For seniors, this can mean an inability to save for tomorrow. For young people, it can be devastating as they struggle to come up with enough money for living expensive or paying for further education. A personal credit building company can help you after you’ve declared bankruptcy. Here are a few reasons why declaring it with the help of a law firm might be beneficial:
Those Harassing Phone Calls
You can avoid having to listen to someone give you the business about your financial past by switching over to a law firm and an accountant to declare bankruptcy. Some are prodding and try to go into your personal finances that are simply none of their business. Others do not understand that you have to pay a significantly smaller amount of money than they’re demanding. They can be rude and harassing as they call you multiple times a day asking the same question over and over again. Do you have the money? It’s not the end of the world if you don’t. Declaring bankruptcy will end the phone calls as it’s insured on their end.
Wage Garnishment
A company may decide to garnish your wages. A law firm is needed to end this type of financial punishment and they will typically tell you that you should have declared bankruptcy earlier. You may still be able to get out of wage garnishment by declaring bankruptcy in your state. It depends on the laws that govern your area.
Law Suits
A credit card company can decide to sue you for the money. This is often a last resort on their part and is typically done when there is no communication for years on the part of the person they have lent money to. If you simply ignore phone calls instead of answering them and trying to make a deal, it’s more likely a lawsuit will happen. The average cost of declaring bankruptcy is $315 plus lawyer fees. A law suit is typically for the full amount of the money.
Foreclosure and Repossession
Some loans are backed by your home or car. In such a case, foreclosure and repossession are a possible consequence of being in too much debt to pay. In such a case, it might be wise to talk with an experienced lawyer about how to protect your property. Being in too much debt to handle can result in foreclosure because you simply can’t afford your mortgage after your credit card payments are due. Not paying your mortgage because you chose a house that was too expensive for you is another reason why a foreclosure may happen. A repossession of a vehicle happens in much the same way.
Building Personal Credit
Of course, avoiding filing for bankruptcy with a law firm by paying what you can pay is the best way to build personal credit and a better tomorrow. With that, sometimes it is impossible. Consider talking with a personal credit building company such as Tradelines.io to help settle your debt without the use of drastic measures.
