Being deeply in debt can be a very isolating experience. Most people who are struggling with their bills and falling behind in their payments are also working hard to keep their situation private and away from their families and friends.
Life can seem to be spiraling out of control for the person who is living in a state of financial crisis, their phone seems to ring nonstop with the creditors who are hounding them for payments and the mail they receive each day can be quite unpleasant as well.
Every person who is dealing with unmanageable levels of personal debt should be able to see that there is hope for their situation. There are several possible solutions for high levels of debt that consumers accumulate and are then unable to pay, but no matter what the resolution to the debt crisis, there must be a plan and some organized action taken.
An initial meeting with Bankruptcy Attorneys Silver Spring office can help the debtor see what some of their choices are in the realm of getting out of their debt emergency state.
There are two types of personal bankruptcy and for those who may wish to restructure their debt and begin to pay it off, the option of a Chapter 13 bankruptcy may be their choice. Chapter 13 requires that the debtor make revised payment agreements with their creditors and begin a structured and strictly monitored program of repayment on the debts they owe.
For this type of case to succeed, the person in debt must be able to generate a reliable income and foresee that they can meet the payment requirements of the bankruptcy case.
A large percentage of the clients who retain the Bankruptcy Attorneys Silver Spring are interested in a debt discharge, or Chapter 7 bankruptcy case. This type of case can relieve the debtor of their unsecured consumer debts, such as credit card bills and personal loans.
Each person’s bankruptcy case is unique and only with the advice of an experienced professional can anyone know if this type of legal proceeding would be in their best interests.
Consulting with a lawyer who is qualified to answer questions about these federal filings can help debtors clarify whether bankruptcy would be a viable option for their particular situation.