There are many reasons you may find yourself stuck in a pile of debt that keeps on growing. Life is expensive, and even when you work hard, debt can become unmanageable. When you are trying to pay your bills but you find yourself falling short each month, it’s time to find a solution that will work for you. If you are no longer able to meet your minimum payments for credit cards, it might be time to consider filing for personal bankruptcy.
How Debt Gets Out of Control
When you have credit cards, spending can quickly spiral out of control. One missed payment, and your credit can begin to suffer. If you begin having trouble meeting your monthly obligations, personal bankruptcy may be the only answer. If you are injured and unable to work, or you are suddenly fired from a job, your financial troubles can become very stressful fast.
Medical Bills Grow Quickly
Even when you have medical insurance, a serious injury can leave you with significant medical bills. Even when you try to pay off your medical bills, the amount may simply be too staggering to cover. When this happens, filing for personal bankruptcy (chapter 7) can get your medical bills discharged because it is unsecured debt. If you don’t have the money to pay off your medical bills any time soon, bankruptcy may be a viable solution.
Debt is difficult to deal with. When your credit begins to suffer because of your debt, you need help to secure your financial future. If you aren’t able to pay off your debt within a few years, it’s time to think about personal bankruptcy to see if that is a reasonable option for you. When you file for bankruptcy, much of your unsecured debt could be wiped out so that you can start fresh. This is generally credit card debt, medical bills, and other unsecured loans. Back child support, income tax debt and student loans will not be removed by filing for bankruptcy.
To learn more about how filing for personal bankruptcy can give you a new start in life, it’s time to call Morgan & Morgan, your Athens bankruptcy attorneys at (706) 468-3364 to set up an initial consultation. Personal bankruptcy provides you with options to give you a more secure financial future.