When faced with the prospect of unmanageable debt, many consider the options available to help them address the situation and the benefits that these options may entail. When they do this, bankruptcy is often one of the first things that comes to mind.
As part of this evaluation process, you might weigh the benefits of filing against the alternative possibility of dealing with creditors directly outside the bankruptcy context. Considering these differences, it is important to remember that bankruptcy fundamentally exists as a resource to help protect you from creditors, whether they be a debt collector, a financial institution, or even the IRS. In this respect, bankruptcy acts as a resource to help you level the playing field and deal with creditors on manageable terms designed to work for you.
The standard collections process has traditionally favored the creditor, allowing many of these creditors to develop practices that create even more debt for the people dealing with them rather than helping them resolve the debt on fair and manageable terms. Dealing with this collections process can be frustrating, as you can be making significant payments out of pocket only for a creditor to keep returning the following month and ask for even more. In many respects, the creditor is playing with a stacked deck in a game that isn’t designed to be won.
This is where bankruptcy comes into play. When you file bankruptcy, the creditors no longer get to dictate the terms of the relationship. In pursuing bankruptcy, your attorney will work with you to make sure that you are protected from the collections process and will also make sure that the creditors are dealt with in a way that accounts for the specific parameters of your financial circumstances. Many different paths exist in bankruptcy, but the idea is always that the process exists to help you face whatever financial hurdles you face in a manner that works for you.
Our firm has been helping people file bankruptcies for over 50 years and we know exactly what the process entails and how it can help you deal with the specific circumstances you may be facing. We also know how important it is for you to feel the confidence that comes with having a zealous advocate at your side helping to guide you through the bankruptcy process, and our highly experienced staff is ready to be there for you on every step of that journey.
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If you find yourself wondering whether the bankruptcy process is proper for you, or if you find yourself facing unmanageable debt and want to explore resources that can help you address it, please don’t hesitate to give us a call. We are here to be a resource and always happy to help. When the time is right, or when you are ready, please don’t hesitate to contact Minnesota’s most kind and helpful bankruptcy law firm by going now to www.lifebacklaw.com.
