6 Steps To Financial Freedom From Debts

Categories: Bankruptcy Law Overview, Chapter 11, Chapter 13, Chapter 7

You’re in debt up to your eyeballs and the prospects of paying it all back can take more than a decade to clear the way.  You’re not getting any younger and have plans to either keep your current home, or buy a home before you retire.  Speaking of retirement, you haven’t even considered that because your debt repayment program has put every dream on hold. Sound familiar?  The riskiest move of all would be to work with a bankruptcy attorney to create a strategic plan that will save thousands of dollars and provide a long-term benefit, with peace of mind included.  These are simple steps, the first being to pick up the phone and call your local bankruptcy lawyer for a complimentary consultation.

Step 1 includes a Consultation and Roadmap

Talking to a lawyer can be a scary prospect, especially if it is a bankruptcy attorney.  Many prospective clients hold on to my phone number an average of 30 days before calling.  They hope the debt collectors will magically stop calling, or their finances will improve.  They think that by calling me, their lives will be ruined and the guilt can be overwhelming.

What you don’t hear is the relief they feel after they have been empowered to take control and how bankruptcy can provide a roadmap that sets them on the path toward their financial dreams including retirement, a much needed vacation, or a new home. What’s even better is when the lawyer tells you that you can eliminate your debts without filing bankruptcy, or that bankruptcy will actually improve your credit score by eliminating your debt to income ratio.

Step 2 A Personally Designed Debt Elimination Plan

No two consumers are alike.  Depending upon your personal financial goals, filing bankruptcy may not be right for you.  The only way to know whether you’re on the right road for yourself is to take the first step.  A qualified bankruptcy attorney will advise you whether filing bankruptcy is right for you, and if so, which chapter of the bankruptcy code you should file.  Sometimes it’s better to negotiate and settle debts without filing bankruptcy, which is yet another alternative.  Having a strategic plan in place will immediately provide peace of mind knowing you’re on the road to achieving your dreams and goals.

Step 3 Plan Development

Working with current monthly income and expenses, and a great bankruptcy lawyer who will show you tips and tricks to maximize your income and minimize your expenses, you’ll develop a spending plan you can live with that will give you freedom and control. 

Step 4  Execution and Delivery

It’s important to work closely with your lawyer throughout the process. Having several meetings after you’ve retained an attorney is essential for the successful completion of your case and eliminating your debts.  Your lawyer will set reasonable expectations and explain the process and be available to answer your questions, generally on a flat fee basis.

Step 5 Follow-up and Adjustments

If you’re plan requires a long term repayment plan, having an attorney working with your through this time is critical because a lot can happen in 5 years.  You’ll need advice along the way and having an attorney that will continue to provide answers will help you stay on track when your hope begins to fade.

Step 6 Lifetime Communication

After bankruptcy and debts are gone, there is still work to be done.  Updates to credit reports and possible discharge violations where creditors don’t cooperate with the process can require additional legal work.  This is where most attorneys will exit the picture and leave you at the side of the road.  This is what can make the difference for clients who work with a caring, compassionate lawyer. We set the standard in the profession.

Do you just need budget coaching and a personal spending plan?  Do you need debt negotiation and settlement options without having to file bankruptcy?  Or, would it be more prudent to file bankruptcy and kick your debts to the curb once and for all?  Call your local bankruptcy attorney today for your personal financial freedom plan.

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