Stop Harrassment From Your Creditors And Address The Debt That You Have Incurred

If you have overextended yourself financially and now are deailing with an influx of harrassing phonecalls from your creditors, you may believe that bankruptcy is the only viable way to resolve the financial dilemma. There are different bankruptcy chapters and repayment solutions to explore, prior to deciding how to handle the financial distress.

Learn The Basics Associated With Bankruptcy

You do not need to immediately decide if bankruptcy is right for you, but you should make an effort to explore this avenue before your debt becomes so monumental that you are unable to handle the financial crisis any longer. The type of debt that you have and the number of accounts that are currently delinquent will have a bearing on your eligibility to file bankruptcy.

An attorney who handles bankruptcy claims will provide you with a no-obligation consultation. This meeting will be designed to provide you with a breakdown on the various types of bankruptcy. If you are gainfully employed, make enough money to handle monthly expenses, and have merely fallen behind on your payments, chapter 13 bankruptcy may be recommended.

There are strict rules that must be adhered to and not everyone qualifies for this type of bankruptcy. For instance, you will likely need to make a base amount of money each month and show good faith that you intend to repay your debts. This type of bankruptcy will put a halt on the phone calls and threats to take legal action. A repayment plan will be implemented and this plan will extend your due dates considerably, allowing you to catch up on your payments.

Make Your Decision

Maybe there is a way that you can work things out with your creditors, without needing to file bankruptcy. For example, if you only owe a couple creditors, it can be overwhelming to receive negative phone calls on a routine basis, but have you tried being honest with the people who were on the other end of the phone? There may be programs that are offered that will consolidate your debt or reduce or eliminate interest rates for the time being.

It definitely doesn't hurt to be honest and ask about the repayment options that are available to you. If your creditors are unable to offer you adjusted repayment terms, think long and hard about bankruptcy and the benefits that it may provide you with. If you are serious about wiping out debt and turning over a new leaf, contact the attorney who initially met with you and tell him/her that you would like to move forward with the bankruptcy option.