Financial setbacks can happen to just about anyone. The difference between those who are able to quickly recover and those that take much more time is often the financial education they had prior to that point in their lives. Public schools today rarely require students to take financial literacy courses, so students who don’t get this type of education from their parents have to learn by trial and error. There are a few problems that could lead someone without financial literacy to a chapter 7 bankruptcy lawyer in Silver Spring.
Unemployment
Saving money is critical in order to survive a period of unemployment. Although low-wage earners might believe they don’t make enough money to be able to save any, this is usually not the case. They might have to make compromises and give up some of the conveniences they enjoy, but it’s usually possible to save at least a few dollars from every paycheck. Those who literally live paycheck to paycheck have the most difficult time surviving unemployment.
Divorce
Family problems can take a financial toll. When a couple separates, they have to divide their assets and their debts. Sometimes, one spouse spends more money than the other and the more frugal spouse may ultimately be responsible for lavish shopping sprees they didn’t benefit from. If the debts a person is left with after divorcing are overwhelming, contacting a chapter 7 bankruptcy lawyer in Silver Spring might bring some relief. Many debts can be discharged through chapter 7 bankruptcy and once they’ve erased the debts, they’ll be free to rebuild their credit history.
Debt may be stressful but having overwhelming debt isn’t the end of the world. People who need help can contact a chapter 7 bankruptcy lawyer in Silver Spring by visiting website. The sooner a person talks to an attorney, the sooner they may be able to get peace of mind. For some, bankruptcy might not be the answer. However, talking to an attorney who has experience helping people in tough financial situations might give them the guidance they need to make the right decisions for their financial future.
