Unfortunately, for more and more people these days personal bankruptcy filings seem to be inevitable. Life happens, and along with it comes a lot of twists and turns that can put people between a rock and a hard financial spot. Various types of accidents, health and medical issues, legal problems and in some cases, just plain poor money management, to name a few, can all lead to a person feeling that their only solution is to file one of the varieties of personal bankruptcies. And to be fair, this is to a great extent why the bankruptcy code exists in the first place. People shouldn't abuse the personal bankruptcy code, but it does serve a vital role in cases where other options don't exist or just aren't practical.
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As a home mortgage originator and mortgage broker for the past 17 years, I have seen all too well though, the ramifications a personal bankruptcy can have on individuals and their families. It may seem like the best idea at the time of filing, but a few months or even a few years later, things can look a whole lot different. Again, I want to emphasize that I am not against personal bankruptcy filings, especially where all other viable options have been exhausted and bankruptcy remains the only real solution. However, my beef is with bankruptcy professionals who may downplay the lasting effects that filing a bankruptcy will have on their clients. In my opinion, this is just as bad as those mortgage professionals who place their clients in highly aggressive or risky mortgages without properly disclosing the various downside implications of those products in various financial markets.
Just like in the mortgage business, it's all about proper disclosure. Each set of circumstances that our clients face is different than the next. Some cases call for a very conservative approach, while another may lend itself to a more aggressive solution. An individual's income, assets, and likelihood of continued earnings all play an important role in determining what's appropriate for each person. A younger person, for example, may have the benefit of lots of years to recoup from a personal bankruptcy, while a senior citizen may not enjoy the luxury of future increases in income, asset growth, etc. I think the key is that any personal bankruptcy attorney provide a balanced approach in discussing the pros and cons of a personal bankruptcy filing.
Now I know that there are many excellent bankruptcy attorneys out there who do just that. In fact, a personal bankruptcy attorney friend of mine, Mark Carter, has referred many potential bankruptcy clients to me in the hopes that an alternate solution to filing bankruptcy could be achieved. Granted, sometimes this is out of necessity, as some individuals may not qualify to file bankruptcy, but in many cases it's the result of careful review of their situation and the realization that another remedy may be more beneficial to their client. This is definitely the type of bankruptcy attorney you want in your court when you're faced with any kind of financial dilemma. By the way, if you happen to be considering a personal bankruptcy filing and you are looking for a Vancouver Washington bankruptcy attorney, be sure to check out Mark's website by doing a search on Mark Carter Law. He's a great guy and you'd be hard pressed to find a more capable bankruptcy lawyer.
A personal bankruptcy is something that no one sets out to go through, but it happens. If you find yourself faced with difficult financial circumstances, be sure you get good advice. Ask your bankruptcy attorney about how the bankruptcy filing will affect your ability to borrow money to purchase or refinance a mortgage, obtain a student loan for a child, or tap into your home's home equity for home improvements or a college education, to name a few. How long will it take for you to rebound from the bankruptcy, and what steps should you take to expedite the process. Explore other solutions with your attorney that might help you to avoid a personal bankruptcy filing altogether. Once you've really explored all of your options, you'll be in position to make the best decision about your own financial future.
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