My son is currently on remand waiting trial. We have had a really tricky time over the last year learning about some of the things that he has been doing, but we want to make sure that we support him through the trial so that he can get a fair process. Having family on your side can help the prisoners to have an easier time at trial and can often help the lawyers to provide the strongest possible defence in court. This blog explains how family members can help to make sure that legal process goes smoothly and that the lawyers get all of the resources that they need.
Contrary to what most people believe, some debt is not bad as long as you can comfortably pay your creditors and still run your business. Unfortunately, most business owners do not know how to manage their debts and only realise that the credit is not sustainable too late. In such instances, it is advisable to hire a bankruptcy lawyer since they can get you out of your debt woes. That said, you must know when to hire a bankruptcy lawyer because waiting too long does not help your case. This article highlights top signs that your business needs a bankruptcy lawyer.
Constantly Paying Overdraft/Late Fees
Debt accumulates in different ways, with the most common being fees. For example, if your company struggles to make minimum payments on bills, charges continue to accrue, progressively increasing your debt. Thus, you must find more money for the next payment. In this regard, you are likely to find yourself in a debt trap. Similarly, overdrawing from a company's checking account to cover bills increases your debt significantly over time. Therefore, if you are constantly paying more in accumulated late fee charges and are reliant on overdrafts, seek the services of a bankruptcy lawyer. By filing for bankruptcy, a lawyer will help free you from business-related financial responsibilities.
Facing Lawsuit From Debtors
There is only so much time that debtors can extend to creditors. Therefore, if your creditors feel that you are not making any efforts to pay off your debts, they have a right to sue you for their money. Such lawsuits can be pretty expensive because you must pay your creditors' legal fees should they win the case. Therefore, if you talk with your creditor about negotiating your debt but they insist on going forward with a lawsuit, hire a bankruptcy lawyer immediately. When a lawyer files for bankruptcy on your behalf, they help prevent creditors from requiring the court to oblige you to pay for debts out of pocket or with personal assets.
Debt-Related Stress
Besides worrying about the financial impact of debt on operations, business owners should also think about its psychological effect. Notably, constantly worrying about how your business will pay its creditors leads to mental health issues like stress, depression and anxiety. It is especially the case if you cannot see yourself getting out of debt soon. Once you have reached a point where debts cause you significant psychological pain, it is advisable to seek the help of a bankruptcy lawyer. Since filing for bankruptcy relieves you of any financial responsibilities, you can breathe easily and save yourself from psychological trauma.
Contact a lawyer for more information.
Share13 September 2021
