Relief From Consumer Debts
For most people, it’s easy to get a credit card. Or two. Or many more. When you are earning income, you may be able to keep ahead of your bills, but if you run into some difficulties, like losing your job, divorcing, suffering an illness or injury, suddenly, paying all those bills can become much more challenging.
You may even start to use one credit card’s cash advances to make the monthly minimum for another. One day, you just may no longer be able to juggle all those debts.
Chapter 7 Bankruptcy Can Provide Relief From Consumer Debts
The bankruptcy laws were created to help people get out from under this type of crushing debt. A Chapter 7 or Chapter 13 bankruptcy filing may allow you to discharge many, if not all, of these debts. Unlike many ‘debt relief programs,’ that you see advertised that may actually drive you into deeper debt, a bankruptcy that provides real and permanent debt relief.
Our attorney at Jay W. Moreland, P.A. can sit down and talk with you about your financial situation and help determine if a Chapter 7 will work for you. If you need to protect a home or cars, a Chapter 13 can also help you and likely remove most of your consumer debt.
Is Most Of Your Debt Unsecured?
Most credit card debt is unsecured debt. Other forms of unsecured debt include medical bills, payday loans and some store credit cards. This debt has no collateral securing it that can be repossessed by the lender.
Loans that are not secured are usually easier to discharge in bankruptcy. The lender was taking a greater risk, and therefore charge you a higher interest rate. Your ability to get credit was based partly on your credit rating at the time.
Secured loans often have to be paid if you want to keep the secured item(s) after you file bankruptcy or you can choose to surrender the item to your creditor and eliminate the debt. In a Chapter 13 bankruptcy, some secured debts can be stripped and turned into unsecured debts which would allow you to keep the secured item and only pay a portion of the debt.
Numerous Troubles Can Result In Debt
The law firm of Jay W. Moreland, P.A. knows that getting into debt is often unavoidable when people suffer an illness, divorce or loss of a job. People rarely have enough savings to get by for very long, so we borrow.
Our attorney can answer your questions about bankruptcy if you need medical debt, credit card debt relief or have other overwhelming consumer debt. You may be eligible to file under Chapter 7 or Chapter 13.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.