Bankruptcy is a legal process that offers individuals or businesses facing financial problems a fresh start by offering them some form of debt relief. The bankruptcy process can be initiated by either the creditor or the debtor, and during this time, the debtor’s assets are evaluated, and part of this may be used to repay a sum of the unpaid debt.
Going through bankruptcy can affect your mental health, financial standing, familial relationships, and even your sense of self. Fortunately, you don’t have to go through this process alone. Here are three professionals who can help you through this difficult time.
Family Therapy
A family therapist can help you and your loved ones manage some of the resentment, stress, and anxiety that often accompanies a bankruptcy status. Family therapy programs are recommended for families dealing with difficult financial circumstances, and their main goal is to help the family unit develop better communication skills to help them create a better functioning home environment.
If your children are having a particularly difficult time relating to the changes that often accompany a bankruptcy filing, adolescent therapy can also help them develop tools to cope with their new reality. If you need help connecting with a licensed marriage and family therapist, online resources can help.
Bankruptcy Attorney
Another great way to deal with the stress associated with filing for bankruptcy is by seeking the help of an experienced bankruptcy attorney. While you don’t need to hire a bankruptcy law firm to help you with your bankruptcy case, an experienced bankruptcy lawyer will help you navigate the legal aspects of the process.
One of the worst parts of dealing with creditors is the creditor harassment that follows. This type of harassment often occurs through threatening phone calls, and the resulting stress can seem impossible to manage. When working with a bankruptcy lawyer, they’ll speak with your creditors on your behalf.
If you owe a substantial amount of debt, filing for bankruptcy might not be the only way to seek debt relief, and a bankruptcy attorney can help you figure out other legal options. If bankruptcy is your only option, an attorney experienced in bankruptcy law can offer legal advice and help you figure out which type of bankruptcy to file. They’ll also represent you in bankruptcy court and ensure that you get the best possible outcome for your case.
If you need help finding Birmingham bankruptcy lawyers, for instance, most bankruptcy attorneys in the Birmingham area offer free legal aid help, so visiting your local legal aid office is a great place to start. The Birmingham State Bar Association’s website is also another helpful resource. Alternatively, consider online review sites like NOLO, The Better Business Bureau, YELP, and Lawyer.com.
Financial Advisor
The goal of filing for bankruptcy is to give you a fresh financial start. However, once your bankruptcy case is finalized, you’ll need to learn money-management skills. A financial advisor can help you create an action plan and a budget. A budget is a great way to help you track your expenses and can keep you from falling into a hairy financial situation in the future.
Besides coming up with a budget, your financial advisor can also help you develop a realistic savings plan. Having some savings set aside can help you through a rainy day, and chances are after your bankruptcy case, you probably don’t have much left in the way of savings. While they don’t offer credit repair services, they can offer tips to help you improve your credit score.
If you need help finding a financial advisor near you, start by asking family members or friends who are in your tax bracket for recommendations. The National Association of Personal Advisors website and the U.S. News online database of financial advisors can also help you find advisors in your area.