One of the reasons that people fail to take action in time to save some of their assets is that they are afraid of the bankruptcy process. This fear of filing for bankruptcy is a direct result of simply not knowing what’s involved. To gain a better understanding, you need to learn a bit more about it.
The first step in the process is to schedule an initial consultation with a qualified bankruptcy attorney. Doing this can give you a better idea of your options for filing bankruptcy or possibly avoiding it. The worst mistake you could make is to simply ignore the problem and hope that it will go away. When you schedule your bankruptcy consultation, you can find out what you’re up against. Just because you schedule a visit does not mean that you’ve decided to file bankruptcy.
When you come in to visit with us, we will simply ask you about four key things:
1) What you owe,
2) What you own,
3) What you make, and
4) What you spend.
By getting a snapshot of this information, we can work with you to formulate a plan for dealing with your debt. If bankruptcy is an option, we’ll let you know. If it can be avoided, we can help you to formulate a plan for that as well. The only way you can figure out the right course of action, however, is to make the decision to schedule a bankruptcy consultation.
Nobody looks forward to the idea of filing for bankruptcy protection. We certainly understand that this can evoke a wide array of emotions, mostly negative. However, one of the biggest mistakes that those dealing with financial difficulties make is delaying bankruptcy until after they’ve lost everything. In many instances, much of this could have been avoided if they had taken action earlier.
What most people don’t understand is that there are certain assets that can be protected from loss when filing for bankruptcy. We’ve found that people generally believe that they will lose everything when they seek bankruptcy protection. This is not the case.
The purpose of bankruptcy is to help the debtor get back into a position where they can effectively deal with their financial matters. The challenge for many people, especially in an economy such as the one we’ve been dealing with for the past several years, is that they are so deep in debt that they just can’t get out. It’s honorable to give things the best effort possible. Continuing to fight a losing battle, however, is not necessarily the best course of action.
The time to consult with a qualified bankruptcy attorney is before you get to the point where you just can’t do it anymore. By doing this, you may even identify ways to manage your debt that can help you to avoid bankruptcy altogether. The key to doing this is to consult a bankruptcy attorney before it’s too late.
In dealing with business clients on a daily basis, one of the things that we’ve noticed is that there’s a big difference between the habits of those businesses that are successful and those that seem to continually struggle. This difference is evident from the very beginning and plays itself out through the life of the business. This key distinction deals with business planning.
When it comes to the topic of business planning, it’s important to note that this is not about trying to control the outcome of every facet of the business before taking action. While that’s certainly not possible, there are certain components of business that can be planned out before having to learn things the hard way. The best way to plan these things out is through the assistance of a team of advisors.
Many business owners are a bit hesitant to invest the time, effort, energy, and money involved in assembling and meeting with a team of advisors. What we find, however, is that the investment of doing this before problems arise tends to be much less than waiting until it’s too late. Investing in the necessary resources and getting the right advice in advance of launching a new business, or a new business venture for your existing business, can yield enormous benefits.