There are many reasons people end up with too much debt. Perhaps you had a medical bill that you couldn’t pay in full or you got laid off from your job. No matter the reason, if you cannot repay your debts you may end up with calls from debt collectors once a day, or even multiple times a day. You may even be facing the repossession of your car or foreclosure on your home. Instead of panicking, you may want to contact a lawyer to find out more about Debt Relief.
The most common way a lawyer can help with your debts is through bankruptcy. Though that is a scary word for many people, it really doesn’t have to be. When you speak with a lawyer about bankruptcy, one of the first things they’ll do is stop the calls from debt collectors and put a hold on any foreclosure or repossession. This can bring much-needed relief emotionally and allow you to finally breathe again.
Once you’re not worried about the phone calls every day and losing your car or home, your lawyer can help you determine which type of bankruptcy is going to be right for you. If you make less than the mean amount of money for your state, you will probably qualify for chapter 7. In this case, you will give all non-essential assets to a trustee who will sell them to cover your debts. You’ll be able to keep essentials, like your car and home. If you make more than the mean amount of money, you will probably qualify for chapter 13. This one takes longer, but your debts will be consolidated into a monthly payment and you won’t need to sell any assets. Instead, you’ll make payments for three to five years until your debts are repaid.
If you’re in need of Debt Relief, you’re going to want to speak with a lawyer to see how they can help you. Though bankruptcy is usually a last option, it is a great way to get your debts back under control and get your finances back on track. To learn more, visit today.
