When a person starts running into financial difficulty most often the first thing they do is panic. They can't sleep at night, and they seem to be constantly thinking about their debt. They are fearful for the future. Then as time progresses and they are constantly dealing with the phone calls and tons of collection notices, they may become despondent. Bankruptcy may come to mind, but in some cases these individuals have not checked out if there are any other options available to help them get back on track financially.
Know Your Options
Sometimes the reaction to the debt situation is escalated by the pressure of the debt collectors. They just don't give you time to think or perhaps work out a viable solution. The first thing you need to do is try to relieve some of the pressure they are placing on you. You can do this by knowing what your rights are when it comes to creditor's collection actions. There are rules and regulations that they must follow, but a lot of times they don't adhere to this, unless they know that the debtor is aware of them.
The other option prior to filing for bankruptcy is to have a consultation with a quality credit counsellor. Not one that is going to try to entice you into some other type of debt consolidation that they would ultimately benefit from. You need an expert that can truly determine what your actual financial situation is at, and what would be your best options.
If this expert suggests that going bankrupt is your best solution, then your next step is to seek out a reputable and experienced Louisville bankruptcy attorney to discuss all of your options and help you make an educated decision as to the best solution for your family.