Friday, November 18, 2011

Lincoln Law

I spoke a bit last week regarding bankruptcy, and how it is not always a negative thing, though it should not be abused. I hope my thoughts and opinions have helped some of you understand the process and myths a little better, and will allow us all to show more compassion to those who find themselves in a position where filing for bankruptcy is their best option.

I also want to reiterate that if you are in financial distress or know someone who is, then encourage them to seek the counsel of bankruptcy lawyers in Utah or wherever their state of residence is located. Most bankruptcy attorneys will offer at least the first consultation visit for free, and can assess your specific situation, and advise you as to what your legal options are in your state, and help you navigate the path to financial recovery.

Filing bankruptcy in Utah or anywhere often is not as hard or expensive as you might initially think. It is my understanding that once you have completed the necessary paperwork with your attorney, that you are able to stop making payments to certain creditors while in litigation. This frees up money to cover your legal expenses and meet other pressing needs you may have. A dear friend of mine who has been out of full time work for 2 years has been taking temp jobs and any part time jobs she can find while seeking full time employment ran out of savings last month. She had saved diligently for years, and has had to use all of that up to sustain her essential needs such as mortgage, car, insurance, utilities, and food. She has used coupons, and not spent any extra money. The stress of the situation has overwhelmed her, and caused medical issues. While she had no credit card debt, since she went on private health insurance, and began having medical problems, she has found herself buried in medical debt. She finally saw a bankruptcy attorney in her home state, and is going to be able to wipe out her medical debt, surrender her home that has dropped in value leaving her with negative equity, but keep her car. She has no spouse or children, so she can move into an efficiency apartment and lower her utilities. Her part time work will cover these bills, and she'll still have her car to look for full time work. The relief of this action is making her feel so much better than she thought it would. Hopefully once she feels better, she'll interview better, regain full time employment, and be able to rebuild her savings and be in a position to save and become a homeowner again in the near future!

I am participating in a blogger campaign by Bucks2Blog sponsored by bankruptcy attorneys in Utah, and was compensated. However, the views and opinions are my own. I keep participating in these types of campaigns because I personally know dozens of people who are in financial crisis due to job loss, medical bills, divorce, and many other issues. I want to give them and anyone else who needs it, avenues to explore for help, and encourage others to support them during these times of crisis, not judge them and gossip about them.

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