Struggling with debt? Here’s how to avoid bankruptcy
Debt is pretty much a fact of life for most Americans, especially in today’s post-COVID landscape. Most families do not teach their children how to responsibly manage money, which leads to problems down the road. The majority of today’s workforce has learned money management through trial and lots of error.
It is far too easy to get overextended on your finances, and most people do not realize that they are in trouble until it’s almost too late. When you are already stretching your finances to the limit, any unexpected bump can send you down the road to bankruptcy. (more…)
We have helped many hundreds of Dallas-area residents with their bankruptcy cases over the years, and the most common question we hear first is “Should I file bankruptcy?”
The Great Recession hit America hard from December of 2007 to the middle of 2009, millions of US residents lost their livelihoods and homes. It was the worst economic downturn since the 1930s and the Great Depression, and it took almost a decade for the labor market to fully recover.
We can talk all day long about our experience helping local Dallas residents get a fresh start through bankruptcy, but sometimes our clients say it better than we do.
While most of our potential clients ask about what’s involved in a bankruptcy case, and what they need to do when they are filing, many forget to ask what NOT to do… And the things you shouldn’t do before filing are just as important as what comes afterward.
It is Halloween this weekend, so we had to share something scary here on the blog… and this time, we are sharing 4 Scary Ways to Damage Your Debt. Let’s face it – nothing is scarier than overwhelming debt that spirals out of control.
The proliferation of credit cards and the “gotta have it now” American lifestyle have lead to a problem: for many Americans, living with debt is par for the course. The changes in America’s financial landscape due to COVID and resulting lockdowns have only made things worse. In many cases, debt spirals out of control until filing for bankruptcy appears to be the only way out.
One of the most frustrating things about bankruptcy is that it is so misunderstood. You do not really care much about it until you are in a dire situation and need it – and then there is so much myth and misinformation, it becomes an incredibly daunting task to decide how you will proceed.
Most of our clients come to us, struggling with massive debts that have spun out of control. One unforeseen bump in the road (a sudden job loss, an accident, a medical condition) is all it takes to send most families into a downward debt spiral. We have shared lots of tips in the past for avoiding debt, but it is also important to get advice from a financial advisor or bankruptcy attorney before you decide to file.