Nobody is exempt from having debt troubles; in fact, a large percentage of people are one paycheck away from financial hardship. Missing two or more paychecks due to a medical problem, divorce, job loss or other unforeseen circumstances can be disastrous. Most creditors are willing to make payment arrangements with their good customers, especially when the problem is temporary. However, when a customer doesn’t know when they’ll be able to make the next payment, the likelihood of a favorable deal is slim.
People in this situation are left with few options. As the bills pile up and the creditors call more frequently, many people in this situation turn to a chapter 7 bankruptcy attorney in Wayne, NJ. An attorney with experience helping clients deal with excessive debt may give advice and, if bankruptcy is the most appropriate option, walk them through the process.
Filing for personal bankruptcy may be the most effective way for people without a stable source of income to resolve their excessive debt. Chapter 7 bankruptcy allows people in this situation to eliminate some, or even all, of their outstanding bills. Credit cards and other consumer debt could be completely eliminated by taking advantage of this legal action. A chapter 7 bankruptcy attorney in Wayne, NJ might be able to help a person who has been struggling to pay their bills or has been unable to negotiate with creditors.
Bankruptcy has drawbacks and shouldn’t be used without carefully weighing all of the options. By consulting with an attorney, a person with too much debt and not enough money might get answers to their questions and help with making important decisions that could affect their lives.
Starting over after bankruptcy may not be simple but it will be a lot easier with all of the crushing debts discharged. Because the bankruptcy will remain on a person’s credit report for up to a decade, it’s important to develop budgeting skills and learn how to use cash for all purchases. Although renting a car will certainly be more difficult for a while, creditors will not be able to harass a person who has filed for bankruptcy protection.
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