It is all too common for individuals and families to discover that their income no longer affords them the ability to pay all of their bills. Whether due to a job layoff, divorce, illness or other unfortunate circumstance, or just because expenses are rising faster than the income, there is insufficient money to pay the monthly expenses. This situation is only made worse when having to make payments on high credit cards balances. Many people are struggling and are looking for a way to get out from under their debt.
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At some point, those in financial distress due to excessive debt or due to a pending foreclosure ask the question: "Should I file for bankruptcy?" For most people, a Chapter 7 Bankruptcy can get you debt relief within a few months. For those who do not qualify for a Chapter 7 Bankruptcy, a Chapter 13 Bankruptcy will produce a discharge of your debts within three to five years, usually requiring payment of only a fraction of the debt. Therefore, unless you see yourself getting out from under your debt in the near future, bankruptcy is a least a choice that you should consider.
If you do decide that bankruptcy is the answer, filing sooner, rather than later, may end up saving the depletion of assets that occurs in a failed attempt to eliminate the debt. In addition, ceasing the monthly payments on credit card debt, including those through credit consolidation agreements, will free up additional money each month that can then be put toward things that you and your family need.
The current bankruptcy laws can afford you the following opportunities:
Save your home (and other real estate you own) from foreclosure; Save your car from repossession; Eliminate debt and free up money to pay toward your living expenses; Stop harassing telephone calls and debt collection efforts, from credit card mcompanies and collection agencies.
In short, the relief afforded through bankruptcy can bring you peace of mind and a return to a normal way of living, absent the fear, apprehension and stress brought on by excessive debt. Whether the filing of a bankruptcy is the right answer for you can be a relatively easy determination to make once you have all of the facts. For many, filing for bankruptcy is the only realistic option in order to return to a debt-free way of life. If you are trying to determine whether filing for bankruptcy is the best option for you, consult with an experienced bankruptcy attorney who can analyze your particular situation and advise you as to how filing for bankruptcy may benefit you.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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