For some Oregon residents, having money issues can be a source of embarrassment. They may think that they have somehow fallen short of those who have more money or those who have not landed on hard financial times. However, it is important to remember that financial hardships can affect anyone at any time.
Still, you may even feel some embarrassment about trying to find debt relief. After all, filing for bankruptcy is a major step. Of course, the decision to file is yours, and if you believe it could help relieve you of the overwhelming debt you have accumulated, you may want to shrug off the potential embarrassment and focus on the benefits that may wait on the other side of a successful bankruptcy case.
Should you even consider filing?
At this point, you may wonder whether bankruptcy could actually suit your circumstances. While every bankruptcy petitioner’s circumstances are different, you may benefit from this option if you are facing any of the following difficulties:
- Wage garnishment
- Property repossession
- Home foreclosure
- Constant creditor and collections calls
- Risk of having your utilities turned off
If you file for bankruptcy, an automatic stay goes into effect that causes these actions to stop. As a result, some of the daunting pressures you may feel could be immediately lifted.
What about your credit score?
The effects bankruptcy can have on credit scores is a major concern individuals have when considering this debt relief option. Certainly, bankruptcy can cause your score to take a hit, but after successful completion of your case, you can begin working to rebuild your credit. Depending on the actions you take and the effort you put into improving your score, you could see significant improvements over time.
Additionally, it is important to remember that if you have fallen behind on bill payments or stopped paying entirely, it is likely that your credit score has already suffered. As a result, you may want to consider how bankruptcy could give you the opportunity to improve later rather than focusing on the potential decrease to your score it could cause now.
Who could you ask for help?
The bankruptcy process can be a difficult one to complete, and fortunately, you do not have to struggle through the legal proceedings alone. Enlisting the help of a bankruptcy attorney could prove useful to you in understanding your options, the process involved and how a successful case could affect your financial affairs.