VII. Failing to Hire a New Jersey Bankruptcy Attorney Can Lead To Problems

Do you really need the services of a New Jersey bankruptcy attorney, or can you resolve your personal financial crisis on your own? Obviously, different debtors have different needs. But before you dismiss the idea of retaining an attorney, our seventh post in the 10 Reasons to Hire a New Jersey Bankruptcy Attorney blog series will help you consider the downsides of not seeking assistance from a bankruptcy attorney. For instance:

1. Ruined credit rating and FICO score – Individuals who fail to take effective action in a timely manner can wind up with abysmally low FICO scores and ruined credit ratings. Once you are unable to get credit, your financial leverage will be severely limited. For instance, you may not be able to find money to buy a house, lease a car, or purchase a key asset for your business. Similarly, you may not be able to get a credit card. Moreover, once you get into a bad credit situation, it can be very difficult to climb your way out. Credit repair can be a time intensive, fraught, and aggravating process.
2. Creditor harassment – Ignoring your mounting debts can ‘feel good’ in the short term; but if you ‘go numb’ to your obligations to creditors, chances are, your creditors won’t return the favor. Harassing letters, phone calls, and other kinds of contact can scare you and your family, create needless aggravation and anxiety, and can actually be precursors to lawsuits or other kinds of legal action. When you retain a bankruptcy NJ lawyer, on the other hand, you can end creditor harassment and begin down the road to financial recovery.
3. Garnishments and losses of services – If you persist in ignoring your debts and putting off retaining a NJ bankruptcy lawyer, you can suffer an array of consequences, including, but not limited to: garnishment of your wages; utility shutdown; repossession of your car or other assets; eviction; foreclosure; and, a bank account levy.
4. Anxiety, stress, and depression – The longer you delay attending to your debt situation, the more the uncertainty may annoy you, cause problems with relationships, force you to overwork, and create psychological problems. For instance, higher levels of stress and anxiety can increase cortisol levels in the body, which can result in a predisposition for more severe illnesses. So there is a very real risk that putting off dealing with your debts could physically impact your health.
5. You will likely have to get a lawyer anyway – If you delay retaining a competent attorney, chances are high that your debt problems won’t go away and that, in fact, they will snowball. Thus, you will be forced to retain an attorney after all – but now you will be saddled with even bigger problems.

To tackle your financial problems straight on and get sound, practical advice for moving forward, connect with the Law Offices of Robert Manchel today at 866-503-5655.
Please refer to our next post to learn what potential complications are likely to arise when dealing with bankruptcy and how to best handle such issues.