There are any number of things that can leave a person or business financially insolvent where there is little to no hope of ever being able to get back on a strong financial path again. A sudden illness with staggering medical bills and loss of income, a major uninsured loss, and other catastrophic situations shouldn’t leave you struggling for the rest of your life. If you are stressed beyond comprehension due to bill collectors and the weight of your financial liabilities, it is time to talk with an insolvency lawyer, also known as a bankruptcy attorney. The process does take time to get through and there are some hurdles and potential pitfalls along the way, but if you avoid the following mistakes when working with your insolvency lawyer, you can come out the other side and rebuild your future.
- Mistake #1 – Making financial changes before meeting with an insolvency lawyer. There are many financial transactions that you might do that can make you ineligible to file for bankruptcy or make you wait a prescribed period of time to become eligible again. Run any financial decisions past an insolvency lawyer before proceeding.
- Mistake #2 – Trying to handle your bankruptcy without an insolvency lawyer. Bankruptcy law is very complex, and it would be incredibly easy to misstep without their guidance and experience. Doing the wrong thing could do more than just derail your case; it could get you jail time!
- Mistake #3 – Waiting too long to get started with filing bankruptcy. It is common to want to keep trying to dig yourself out, but since some assets are protected and you’d retain them, it is better to leave them rather than liquidating. Retirement savings, for example, are exempt.
If you would like to schedule a consultation with an insolvency lawyer to learn more about bankruptcy and discuss whether it is a possible solution for your situation, feel free to call us at GPS Law Group. We believe that nobody should be overwhelmed with crippling debt for decades, so let us help you!