Many people run into financial problems from time to time. Sometimes, the situation is temporary and can be resolved before it gets out of control. But if you are hit with an expense that was never anticipated, such as a large, uninsured medical bill, you may find it impossible to work it into your monthly budget. An experienced bankruptcy attorney will be able to provide you with the guidance you need.
In some cases, what appears to be a small problem may be a symptom of a larger problem. For instance, you may be making your monthly payments on time, but find it necessary to borrow money (for instance, by taking cash advances on credit cards) to meet your living expenses. If this pattern continues over a period of time, at some point, the debt will build up to the point where you cannot borrow enough money fast enough to stay current on your payments.
Like a snowball rolling downhill, when debts are not paid on time, extra interest and penalties can build up to a crushing weight. This can lead to collection letters, harassing telephone calls, and even lawsuits, judgments and wage garnishments. If you feel that your debt problem is heading in this direction, you should review the situation with an attorney experienced in bankruptcy law, to help you decide whether bankruptcy would be appropriate for you.
In some instances, bankruptcy may not solve the problem, or it may involve potential risks and expenses which would make it inappropriate. A good bankruptcy attorney will take the time to understand the facts of your particular situation, and will give you advice tailored to meet your specific needs.