This past week we saw the stock market take another tumble due to poor employment numbers for the past month basically erasing any stock market recovery in all of 2012. Employment may take several years to recover to the numbers that we say before the recession. There are many people waiting on the sidelines expecting the economy to recover. We repeatedly hear on the news that employment will improve and our economy is slowly growing, but there is not much proof of that on the ground floor. As people wait for the economy to recover, creditors may not provide enough flexibility in time for recovery before they start taking action to collect your debts. You may need a bankruptcy to protect your assets.
A judgement can be a catalyst for some people to begin their bankruptcy filing. A judgement can lead to legal activity to collect debt from you through authority enforced procedures like a wage garnishment or bank account levy. So, why would someone file for bankruptcy if they are down to their last financial assets? The reason bankruptcy can be helpful in difficult times is to let your creditors know that they need to stop any collections activities because you need to file for bankruptcy. If you cannot afford payments to your creditors, and you are facing a judgement and collections activities, you need to file for bankruptcy to protect what you have left. Bankruptcy protection has exemptions designed to allow you to keep the things you need, not take away things to pay your creditors.
Don’t wait until you have a judgement against you or until your wages get garnished. You will need every penny to make it through the difficult times our economy is currently facing. You need a free consultation from an attorney to make sure you qualify for the process and to learn more about your commitments during the process.