subject: Know Your Financial Footing [print this page] Know Your Financial Footing
This region has been as hard hit by the economic downturn as anywhere else. Maybe more so. That is why Irving bankruptcy attorneys are busier each ongoing month. Most Irving bankruptcy attorneys are reporting that their business has grown exponentially year to date. It is a growth that comes with a price. Those anxiously visiting Irving bankruptcy attorneys are doing so to try to save their financial lives and remaining fortunes. Sometimes is is possible to save a good deal of property and assets that people have spent a lifetime accumulating, and sometimes it is not. No matter how much is saved, however, it is still a better road to take than just succumbing to economic disaster. Most people who are seeing attorneys about their finances are somewhat in shock. Not long before they were responsible and bill paying members of society. Then a job was lost, or their credit card minimums and interest increased sharply, and it threw them into a downward slide. Suddenly, the mortgage could not be paid; the college tuition a severe strain, and the phone was ringing with creditors calling for payment. It is not something most people have to deal with, and it is frustrating and chilling. Many people arrive at their attorney without a plan. Why should they? Months prior they were making it -- financially speaking. They might not have been living a luxury lifestyle, but there was some money left over at the end of the month. They listen to their attorney's advice and make the best of it. With a little planning they might get more. More for their money with their time spent with their attorney, and more retention of assets. Most people know when they are on a downward slope financially. They might want to think things will get better, but many times the momentum downhill is too overwhelming, and the black hole of financial ruin is at the bottom. Knowing that gaping hole awaits can actually be a strength. Reorganizing your finances is not the end of the world. In fact, for most, it is the second chance that helps them rebuild their lives. It is the smarter operator that recognizes this. Know where you are financially and know where you want to be in two, three or five years. Talk to your attorney about this. Sometimes it can matter dramatically in what type of consumer bankruptcy you file, or if you file at all. Your attorney may advise you to file Chapter 7 or Chapter 13 bankruptcy. Much depends on your individual case and what you advocate for with the attorney. Chapter 7 bankruptcy will have you selling your assets and paying back creditors. Chapter 13 will have you keeping some assets and organizing a schedule to repay creditors. Or you may be advised to get on a budget and get a second job. The important thing is to be aware of your financial footing, much like you are aware of where you might be stepping on a slippery sidewalk. This most important condition will help you save your hard earned assets and deal with the court system with the help of your attorney.
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