Do you have a lot of debt that it is stressing you out and adversely affecting your life? It is very common for people to get into debt these days due to the ease of getting loans and credit cards and not having the right knowledge to manage them correctly and efficiently. If you are already in excessive debt at this point, teaching you about financial responsibility may help ward off further debt, but it will not get you out of this current, awful situation.
More than likely, you do not know where you stand financially at this moment, not really, and you need to do some serious work. You need to figure out how much debt you have and how fast it is growing. Meanwhile, you must stop using all credit cards and don't take out any more loans. You need to get a handle on your debt.
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There are several options you can take towards getting out of debt. You could try to pay it all off yourself, although this might take a long time and will not decrease your stress anytime soon. This is probably not even an option, since if it was, you would have done so already. You can try to settle your debt, but this is only possible with credit card type debt and is very difficult. You can also try to consolidate your debt into one loan, but again, this is very difficult and may not be effective.
If after trying all these other methods you fail to improve your situation, you may want to consider filing for personal bankruptcy. In order to file for bankruptcy, you must qualify with the courts. As a consumer, you will be required to file either chapter 7 or chapter 13 bankruptcy.
With chapter 7, you will be liquidating your debt which means most or all of your nonexempt debts will be discharged. With chapter 13, you will have your debt reorganized. Your appointed trustee will pay off your debts and set up a more manageable payment schedule for you to pay them back. You cannot choose which one you want, your trustee will decide for you based on your situation.
You do not need to use a lawyer to declare bankruptcy, but it is highly recommended unless you are already very familiar with it yourself. Your lawyer will submit a petition for you which will be discussed in a meeting of creditors. You must attend the meeting where you we be asked questions by your creditors to make sure you are being honest. Your lawyer also presents your financial information to the court, and if this is not done in the right light, you might be required to file chapter 13, whereas a lawyer may have the skills to get the courts to agree that chapter 7 is better for your situation.
If this is your first time declaring bankruptcy, you will be granted automatic stay which means creditors are no longer able to call you. This can really help reduce a lot of stress and anxiety in your life. Eventually, your trustee will make the necessary decisions, your debt will be discharged or reorganized, and you will be finished. Bankruptcy will remain on your credit for 10 years thereafter. I highly recommend getting a free bankruptcy evaluation from a qualified professional before you file in order to fully understand your options so that you make the right choice. Do not jump into anything that is not right for you, but take the necessary actions to repair your situation.
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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