Why It’s Important to Explore Your Financial Solutions

September 25, 2012

Financial difficulties arise from any number of ways. Sometimes, a family faces an “income shock,” such as the loss of a job, substantial pay cut, or unexpected illness or death in the family. In other instances, individuals experience “expense shocks,” like rising living expenses or medical costs. Whatever the reason for the change in your family’s finances, even a relatively minor shift can have major consequences.

 

Just as the causes of these problems vary, the financial solutions you might consider differ, too. First, simply increasing your income or reducing your expenses might do the trick. Second, liquidating some of your assets in order to pay your debts could bring your family’s balance sheet in order. Third, depending on your expectations about the future, you might contact your lender in order to either borrow more money or attempt to renegotiate the terms of your loans. Finally, filing for either Chapter 7 or Chapter 13 bankruptcy might be necessary.

 

Which of these solutions is right for you? For each option, there are very real pros and cons. If a little belt tightening is all you need, it won’t have any affect on your credit score, won’t disrupt your credit relationships, and won’t require any litigation. On the other hand, for many people facing financial difficulties, cutting costs just isn’t enough. Declaring bankruptcy may be your only feasible option. If that’s the case, you’ll need competent, experienced legal professionals to guide you.

 

If you feel like you need help managing your personal finances, talk to the attorneys and dedicated professionals at the law firm of Fears Nachawati. With years of experience, we’ve seen a lot of the problems debtors face – and we’ve helped structure solutions for many clients. Talk to us today to find out what approach is right for you.

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