If you’re struggling financially, be sure to keep meticulous records
For some Minnesota residents, bankruptcy is a last resort that comes after months and months of unpaid or underpaid bills.
For some Minnesota residents, bankruptcy is a last resort that comes after months and months of unpaid or underpaid bills. No one wants to accept that they need help becoming financially stable – as Americans, we’re taught to be independent and provide a good home for our families.
But circumstances can often throw this desire into turmoil, especially since the recession hit. Whether you’ve lost your job due to a layoff or your home’s value has plummeted thanks to the burst of the housing bubble, it can become simply infeasible to pay all your numerous bills.
Even if you haven’t yet resolved to file for bankruptcy, you’re probably weighing your options as to whether you should take out a second mortgage, renegotiate the terms of your student loans and other strategies to decrease your monthly spending obligations. Bankruptcy may be your best course of action, because in most cases you can clear your unsecured debts without losing crucial assets like your home or car. You may want to consult an experienced Ramsey bankruptcy attorney, who can advise you on your particular case.
Anyone struggling financially should be absolutely certain, however, to keep accurate records of bills, past due notices, payments and the like. This will make resolving your situation for an attorney much easier, because they will have a complete picture of your economic state. Missing bills can make determining just how much you owe difficult, particularly if an error appears on your credit report.
Just as with your tax records, be sure to keep any financial documents on hand as evidence should you need to present them to a creditor or during a bankruptcy proceeding, so you can ensure a speedy resolution to your family’s struggle.