Many people take significant steps to establish a strong credit rating and to properly manage their finances. However, even those who seemingly do everything right to manage their finances may stumble upon serious financial issues from time to time. While some people can dig themselves out of a hole on their own, there are some situations that require professional help to work through. These are some of the more serious financial issues that you may be able to navigate through more easily with professional assistance.


Filing for Bankruptcy

If your debt balances have become unreasonable or if you are burdened with medical bills from a serious injury or illness, you may need to file for bankruptcy to enjoy relief. A bankruptcy attorney like those at the Law Offices of Cowan & Brady may be able to advise you about the pros and cons associated with bankruptcy. This individual may also inform you about your rights and help you to protect your rights and assets during this process. Consulting with an attorney as early in the process as possible may be most beneficial.


If you’re recovering from a bankruptcy or can see it as a possibility in your future, you might also consider speaking to a financial advisor. Having a third party evaluate and analyze your finances can shed light on problems you’ve missed, correctable errors, and dangerous trends. Sometimes bankruptcy ends up being the only option, but working with a financial planner can help you minimize damages before, and help you get back on your feet with good fiscal practices after.


Having Your Identity Stolen

Anyone can fall victim to identity theft, and this can wreak havoc on your monetary situation. You may need to seek help from a lawyer or credit counselor so that you can prevent additional accounts from being opened in your name. You need to protect your identity going forward, but you also need to address any charges that you potentially may be responsible for. In some cases, an attorney will need to work with your creditors to address the situation properly.


Having your identity stolen can turn into a lifelong ordeal if you let it. While much of it is out of your control, the best thing you can do is to take action immediately. The best way to be prepared to take action is to actively monitor your credit score, bank accounts, credit accounts, and other financial statistics so you can notice when something seems off. If you catch an identity thief early, you may be able to prevent a lifetime of financial and personal damages.


Going Through a Divorce

A divorce is more than an emotional upheaval that ends a romantic relationship with your spouse. Many aspects of your financial situation may also change. For example, you may need to get a new bank account, divide and roll over a retirement account, sell a house and more. A divorce attorney can help you to fairly divide assets as well as debts. This individual can work hard to help you to keep as much of your financial portfolio intact as possible.


Life is not without its twists and turns. Some minor issues can easily be overcome with a bit of time and effort, but others require professional assistance. If you are going through any of these events or if you are worried about how a pending issue may affect your finances, now is the time to seek professional assistance and to begin improving your financial house as much as possible.