There’s a lack of financial education in our society that leads many people to make poor financial decisions. You shouldn’t feel ashamed if your insufficient knowledge of credit and budgeting has left you in a bad financial place, but how you react is entirely within your power. It’s up to you to fix your bad situation and do what needs to be done to turn things around.
Most people with extreme debt try unsuccessfully to pay everything off in a traditional way, but that can often cause you to fall even deeper into debt. As creditors begin to call, the pressure builds to do something more effective and that can leave you feeling depressed. Instead of giving into that feeling of hopelessness, you may be able to get a fresh start by contacting a bankruptcy law firm in Pittsburgh, PA. Experienced bankruptcy attorneys will be able to guide you in the process of filing for bankruptcy, so you’ll have a better chance of having your petition granted.
Your lawyer will instruct you on the different types of bankruptcy and help you decide which one is right for you. Depending on your circumstances and goals, Chapter 7 may not be the best choice. By understanding what’s involved in each type, you can choose the option that will help you recover your financial situation more efficiently.
You may be required to take a credit counseling course as a part of the process. While this can feel like a punishment, it’s something that can really help you. Most people end up in a bad financial situation because they don’t have a strong grasp of credit concepts. Learning about how the rules of credit usage and reporting affect you can help you ensure you don’t end up in another economic crunch.
If you are in debt, consulting a bankruptcy lawyer can help you even if you don’t want to file bankruptcy. Your lawyer can lay out all of your options and help you determine how best to move forward. Restoring a good credit profile won’t be easy with a bankruptcy on your record, but, in many cases, it’s better than the alternative.