People often dread the thought of filing for bankruptcy. However, for some individuals, it is the best option. Not only will taking this step to stop any wage garnishments, calls from collection agencies, and lawsuits, much of the debt that is leading to the stress will be erased. Also, there are times when your credit score may improve as a result of taking this action. A Bankruptcy Attorney in Wetumpka AL can be of great help at this time.
The Current Credit Score
Every time a payment is late or missed, a person’s credit score is negatively affected. Once the bankruptcy is complete, however, these same scores tend to rise again. Many people find that their credit score is better one year after the bankruptcy is complete than it was when they had their financial issues. The score recovers much faster than many people imagine. Filing for bankruptcy will allow you to obtain new credit sooner than if you continued to fall behind, which many people are surprised to learn.
The Often Overlooked Benefit
Another benefit of filing for bankruptcy is it reduces the stress of the debtor. When collection calls seem endless, it impacts every area of a person’s life. He or she may begin fighting with their spouse; other bills may be put to the side to pay the debt in an effort to stop the calls, wage garnishments may have a negative impact on the person’s career and more. These problems are often eliminated once the bankruptcy process begins, as the person knows the end is in sight and can take a deep breath and relax. While some types of debt will not be erased, many will, and this is enough to provide the desired peace of mind.
Contact a Bankruptcy Attorney in Wetumpka AL today if you find you are no longer able to meet your financial obligations. Don’t wait until things progress to the point of disaster. The sooner you take action, the sooner you will obtain the peace of mind you need regarding your finances. While bankruptcy should not be taken lightly, this is a step that may need to be taken to provide you with a fresh financial start. The attorney will help you determine if this is the case and the best way to proceed. If you are unsure of where to turn, Courtney & Mann LLP can help.