Whether you’re a business owner, consultant, stay-at-home parent or corporate employee, this last year has likely affected your income and livelihood more than what had been budgeted. No matter your level of financial strain or concern, there’s no doubt that life during the COVID-19 pandemic has shifted perspectives on what constitutes monetary comfort for the long haul.
That said, if you’ve recently lost a great deal of your assets, employment or a customer base, it may be time to file bankruptcy. This year especially, we’ve seen an uptick in clients needing to pursue this avenue due to the expense of daily living and the slow trickle of savings leaving one account, being replaced with more and more debt.
With experience and a focus on the area of bankruptcy and a devotion to our clients and their best interests, we are available to consult on your options with you, helping to determine if bankruptcy is the right avenue for your specific situation. We understand the stress that comes with making this decision, and that we’ve all, to some degree, seen a bit of bad luck recently. Know that we’re here to help, offer peace of mind and ensure that you and your family members are well represented.
Things to Consider Before Filing for Bankruptcy:
Debt: If your debt has become so massive that you’re cornered in terms of options to solve the issue, bankruptcy is often an avenue to explore. If you are able, however, to pay off minimums over time, it may be possible to escape your situation without chapter 7 or 13 bankruptcy representation.
Lifestyle: Take a look at your habits and property; can you afford your car? Do you need all that space at home? How often do you indulge in a meal outside of home? Are you taking frequent trips or vacations? Sometimes, downsizing and cutting back is a logical first step.
Employment: How do you spend your free time? If you have plenty of it, consulting, developing a side hustle or picking up extra shifts can be a productive way to see a few extra dollars roll in and help manage debt.
If you have tried it all and are still certain that bankruptcy is in your future, the legal team at Carr Saglimben LLP is here to help. We proudly represent clients in Olean, NY; Wellsville, NY; Bradford, PA; Warren, PA; Chautauqua, NY; and surrounding areas. Get in touch with our bankruptcy attorney today to schedule a consultation.
