When a person finds that they do not have enough money to cover their expenses, they often may consider bankruptcy as a way to resolve their financial issues. While bankruptcy can be a good way to help a person in trying to get a fresh start, it can also cause a person other types of problems that can last for a number of years. This can make the decision to file bankruptcy something that should be considered very carefully. Speaking with a Bankruptcy Lawyer Tipp City OH can often be helpful in this as well.
People who are unable to pay their bills can experience many additional problems because of their lack of funds. Often they must deal with harassing calls from creditors while they are at home and sometimes during their working hours as well. This can be stressful and embarrassing as well. In addition, some creditors can obtain judgements against the person, which can result in money being withheld from their paycheck to cover their debts. One way to stop some of these problems can be in filing for bankruptcy.
A bankruptcy filing will stop most creditors from calling the person. Wage garnishments can often be prevented as well. In many ways, the person will be given the fresh start they need. While this can sound like a good option to many people, there are also negative aspects of filing for bankruptcy that should be considered as well. A Bankruptcy Lawyer Tipp City OH can be instrumental in helping a person to understand these issues.
During a bankruptcy a person’s property and other assets may be sold off to pay creditors some of the money owed to them. Other debts may be erased, but the bankruptcy filing will remain on the person’s credit history for at least ten years. This can make it difficult for the person to obtain financing in the future and other issues as well. The person should consider these factors carefully before they decide that bankruptcy is the best option. Speaking with an experienced lawyer such as those at Shipman Dixon & Livingston Co. L.P.A can be invaluable in helping a person to decide the best way for them to handle this type of issue.
