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If you are contemplating filing for bankruptcy, it is important to understand that your choice of lawyer can have a great impact on the way your bankruptcy is resolved. It is important to work with an experienced lawyer who will be able to address every issue in your bankruptcy. Are you one of many individuals in Kentucky who feel you are dealing with financial strain? When do your debts turn from manageable to a growing concern? There are a variety of issues that could indicate a need for financial relief. In this blog, we would like to give tips on how to spot the signs of such issues that could help you prepare to protect your future through outlets such as bankruptcy.

Only Making Minimum Payments

Making only the minimum payments on your credit card keeps your account in good standing and avoids late fees, but that’s about all it does. It won’t get you very far toward reducing your credit card debt. Recent studies indicate that one of the most common signs of financial struggle involves efforts to make more than the minimum monthly payments on accounts. Studies suggest that those who carry a maxed-out balance on a credit account or even multiple accounts face challenges. This situation is only one unexpected financial expense away from potential disaster.

Being Turned Down for Credit

If credit is denied it is because the company is required to gauge an applicant’s ability to pay when evaluating whether or not to grant a new line of credit. If you do not have enough disposable income to support the debt– because you have too little income or your income is unstable – then you would be at a high risk of being unable to keep up with payments. According to studies, being turned down for credit could also be a sign of a need for relief. This can indicate that your credit score has taken a hit. Experts also indicate that people going through bouts with debt may also be more inclined to overlook the overall scope of their debts, which can also indicate a growing concern.

It May Be Time To Develop a Strategy to Seek Debt Relief

Know how to tell when it may be time to seek relief may be only half the battle, as knowing how to prepare to achieve a goal through outlets such as bankruptcy. Know how to safeguard your finances could benefit the guidance from an attorney early in the process. Given the long-term financial and legal benefits you will obtain, it will be worth the effort to figure out how to hire an experienced attorney who can help you to work with your creditors and give you advice on which steps to take to best help with your financial challenge. Some of the ways that he can assist you to include…

  • Stopping abusive, threatening calls and other collection practices by debt collectors and creditors.
  • Evaluating your financial situation to determine whether you can pay your debts or need to file for bankruptcy.
  • Negotiating payment of your debts—sometimes for significantly less than you owe.
  • Asserting your legal rights to compensation for illegal debt collection practices.
  • Defending you in court if you are sued and raising defenses that could result in the dismissal of the lawsuit or reduction in what you owe.

We are committed to helping families resolve legal challenges and get back to their lives. We offer the guidance and support that you will need when you are involved with the legal system.

Contact Us (859-371-0730) for a Consultation Today

About Helmer Somers Law

Helmer Somers Law helps individuals and businesses navigate the complex system of rules that accompany all legal situations. We are licensed to practice in both Kentucky and Ohio and offers flexible, affordable payment terms for our services. We welcome the opportunity to earn your trust and become your lawyer for life! It’s a fact of life in the modern world. There comes a time for virtually every adult American when the services of a competent, dedicated lawyer are required. Circumstances such as divorce, bankruptcy, estate planning or an income tax audit demand that your rights be protected, and your long-term interests advocated for with diligence and perseverance. When you call Helmer & Somers Law, you can rest assured that they will be.

Contact Us| (859) 371-0730