Financial literacy is not often taught to children and many people don’t really learn how to effectively manage their finances until it’s too late. It’s no wonder so many people find themselves struggling with debt when there is so much conflicting advice on how to deal with it. Of course, there are good debts. A mortgage can be a good debt to have as long as you can afford it. There are also some debts that are really bad, such as collection accounts and pay day loans. In the middle, you have credit cards and auto-mobile loans. When any or all of them get out of your control, you need the Best Bankruptcy Lawyer in Hagerstown MD to help you.
Current bankruptcy laws require everyone, with a few exceptions, to take part in financial counselling. With the help of your lawyer and your financial counsellor, you can determine whether bankruptcy is the best choice in your particular financial situation. The counsellor will help you explore options you may not have known exist that have helped other people get out of debt. If bankruptcy is a good option, a second counselling session will help you learn how to manage credit after bankruptcy so you don’t fall into the same financial traps that resulted in unmanageable debt.
While filing for bankruptcy can reorganize or discharge many of your debts, it is important to learn everything you can about financial management while your case is in process. The more you know about budgeting, credit scores and interest rates, the better you will be able to evaluate credit offers and ensure you can pay your current bills before you take on additional debt. If you are married, it may be helpful for your spouse to attend the credit counselling with you, even if you are not filing joint bankruptcy. The information you’ll receive can help you become a more financially savy family after your bankruptcy is discharged and you are able to get credit again. Your credit counsellor along with the Best Bankruptcy Lawyer in Hagerstown MD may be able to answer your questions about credit to help you avoid the most common financial pitfalls in the future.
