The financial struggles that some individuals face can be hard to handle. When you are in this position, you need to think carefully about your next steps. One thing that you can't do is ignore the debt. It isn't going to go away. Instead, creditors might transfer the account to debt collectors. Your credit score will be impacted by the missed or late payments.
Many people will try various options for handling their debts. Some may take out loans to consolidate the payments. Others might attempt to work out deals with their creditors. These might work in the short-term, but there is a chance they aren't feasible for the long-term.
We know that you might realize your options are limited. One of the possibilities that you might consider is filing for bankruptcy. In the past, there was a stigma associated with this; however, for the most part, that has changed. People now realize that bankruptcy is a financial tool that can help them to regain control of their finances.
When you file bankruptcy, you will have to determine which chapter to file under. Chapter 7 liquidates your assets to repay creditors. Chapter 13 allows you to retain more assets, but you have to make payments to the bankruptcy trustee.
If you aren't sure which chapter is right for you, we can help you to determine a path forward. There are specific requirements for each chapter that you must meet. We will look at your situation and let you know what's possible. The longer you wait, the longer it will be before you can enjoy this financial relief.