Having more debt than can possibly be paid is no way to start a new year, so now is the time to get the help you need to secure your financial future. But figuring out what to do with overwhelming debt, or identifying ways to cut back on expenses is no easy task. It takes a lot of research, and a lot of discipline to become debt free. And it takes even more discipline to stay debt free once you have been given a fresh start. However, with the right financial tools and help by your side, you can get out of debt and remain that way for the foreseeable future.
Three places to turn for help when you need to know what to do to get out of debt, and to stay out of debt, are:
- Professional financial counselors: these people will analyze your current financial situation and pinpoint areas where you can save, determine an order of priority for debt repayment, and give you advice on the best places to invest your money
- Debt consolidation companies: these companies work with your current lenders to arrange repayment that fits your budget. One downside to using a debt consolidation company is that your lenders are not necessarily required to go along with a proposal, so if you are significantly behind on payments you may not get the relief you need.
- Legal professionals: legal debt management attorneys know how to negotiate with your creditors when you fall behind, and can also file bankruptcy for you if you prefer to skip the negotiations and eliminate debt from the start. The type of case you are eligible to file will depend on your particular financial situation, and a knowledgeable bankruptcy attorney can let you know your options.
If your financial picture is bleak, filing for bankruptcy could be your best choice. Bankruptcy allows you to decide what pieces of property to keep, and which ones to return to the bank. When you decide to hold on to a piece of collateral, you do still have to pay for it even in bankruptcy, but this is made possible by elimination of other debts. Bankruptcy gives many debtors the chance to start over every year, and may be right for you too!
For more information about how bankruptcy can help you, contact us today at www.DsouzaLegalGroup.com. We will go over the facts of your case and let you you’re your next step.
