Debts that Can Be Relieved Through Bankruptcy
Often the people who would benefit the most from bankruptcy don’t know enough about the protections they’re afforded under the law. When you have financial stress, there are emotional traumas that come with the problem. There may be embarrassment and depression. Those issues shouldn’t keep you from thoroughly researching the legal options you have. In fact, once your total financial picture is clear, your depression and emotional strains will usually abate. You won’t have the worry over bill collectors and you’ll be able to schedule payments in a timely manner to better rebuild.
Many clients think that the bills they’ve accrued won’t be covered under bankruptcy laws. The truth is that bankruptcy can give most individuals a good opportunity to start over and build their credit anew. It doesn’t take as long as people assume and it often includes most of the debts that have become so crippling. For the outstanding debts that can’t be relieved through bankruptcy, there are payment solutions available to meet your needs.
Debt Relief Through Bankruptcy
There are a few items that will not be wiped out through a bankruptcy, such as child support payments or past taxes. In those scenarios, you can often consolidate your debt to come up with a timely payment schedule to reclaim your financial freedom. Here are some items that can be relieved.
- Credit Card Debt. Bankruptcy can help you get out from under credit card debts and there are options to consolidate debt so that payments are more affordable.
- Payday Loans. Payday loans come with notoriously high interest rates. There are legal protections to help discharge the debts and lower interest rates to aid in repayment.
- Foreclosure. Foreclosure is a devastating occurrence for your family. There are options to keep your home after filing for bankruptcy and often the owed payments can be paid off over the course of a few years to help you stay in your home and get back on track.
- Car Title. In Georgia, there are laws to help you keep your car in the event of a bankruptcy, depending on the amount owed and the worth of the vehicle.
Have You Considered Bankruptcy Protection to Clear Your Old Debts?
Are you struggling with bills and worried about your ability to meet your obligations. Explore Morgan’s debt relief services and contact our experienced bankruptcy attorneys for a free consultation about your case.