It is all too common for individuals and families to discover that their income no longer covers their bills. Whether due to a job layoff, divorce, illness or other unfortunate circumstance or just because expenses are rising faster than income, there is insufficient money to pay monthly expenses. This situation is only made worse when having to make payments on high credit card balances. Many people are struggling and looking for a way to get out from under their debt.
At some point, those in financial distress due to excessive debt or a pending foreclosure ask the question: “Should I file for bankruptcy?” For most people, Chapter 7 bankruptcy can provide debt relief within a few months. For those who do not qualify for Chapter 7 bankruptcy, Chapter 13 bankruptcy will discharge 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 choice you should at least consider.
File Sooner Than Later
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 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 companies 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 filing for 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 to return to a debt-free way of life.
Free Consultation With An Experienced Bankruptcy Lawyer
For more information or to schedule a free initial consultation, please call the Law Offices of Ira C. Yellin, LLC, at our Franklin office at 508-528-8885. You can also email us to learn more about our legal services. From our offices, we help clients in Bellingham, Norfolk County and surrounding areas.
When representing consumer debtors in connection with bankruptcy, the Law Offices of Ira C. Yellin, LLC, is a debt relief agency as defined by the Bankruptcy Code, 11 USC § 101(12A).