Do you feel like you are drowning in debt?
The phrase “drowning in debt” may be a cliché, but it fittingly describes the emotional state of someone who is dealing with a large amount of debt. The debtor feels overwhelmed, suppressed, incapable of normal activity, and fearful of not being able to overcome.
Also, much like drowning, one does not start with the intent of becoming overwhelmed and weighed down by debt. The debtor may have dealt with a health crisis that led to extensive medical debt, got laid off from their job unexpectedly or had a reduction in pay, or made financial decisions that over time proved harmful, not beneficial. Whatever the cause of the debt, it leaves the debtor feeling distressed, fearful, and struggling for life.
Good news. There is hope for relief.
If you feel you are drowning in debt, do not lose hope. There are ways for you to overcome oppressive debt and recharge your financial life. Many of those who have faced burdensome debt have overcome the burden by changing the way they manage their finances. They have done a combination of things such as developed and followed detailed budgets, made cuts to their expenses, found ways to increase their income, downsized their lifestyle, etc. By sticking to such measures, many have been able to get on a better financial path.
However, there are often times when making such financial changes is just not possible or even if they are, the amount of debt is so extensive it would take years, possibly decades, for any change to be seen. There is still hope for the debtor in those circumstances. In the Constitution, the Founding Fathers ensured that indebtedness would no longer be a “death sentence” by protecting a citizen’s right to file a petition of bankruptcy against their debtors. They believed a debtor had the right to seek a financial fresh start if they became too burdened by debt.
Bankruptcy and Financial Fresh Start
As soon as a claimant files a bankruptcy petition, they can begin benefiting from the protections of bankruptcy laws. They could get help with;
- Stopping harassing phone calls and communications from creditors
- Stopping wage garnishments
- Stopping foreclosure or eviction
- Stopping repossession of an automobile or other property
- Stopping judgment liens
- Stopping lawsuits
Once the claimant successfully completes their period of bankruptcy, they will receive a discharge of debts that they filed against. In a Chapter 7 bankruptcy, the debt could be completely discharged without payment from the debtor. In a Chapter 13 bankruptcy, the debt could be repaid by the debtor through a court-approved repayment plan, which is often at a lower percentage of what they would have had to pay back outside of bankruptcy. Regardless of which type of bankruptcy they complete, it will give them the opportunity to start a new financial course.
Getting Help to Your Fresh Start
If you feel you are drowning in debt, do not continue to struggle. Reach out for help. Our experienced attorneys have helped hundreds of clients, just like you, overcome their financial burdens and get their financial fresh start. Contact us today for a free evaluation of your financial situation to see if we can help you get your financial fresh start.