For people who are dealing with significant amounts of debt, the weight of trying to move forward in their life while still carrying it can be too much to bear. As debt collectors begin to call and communicate with a debtor and as bills go unpaid, many people begin to contemplate whether or not bankruptcy would help them to fix this situation. Depending on the remainder of your financial situation and the type of debt you are currently facing, the answer might be yes.
Many people who file for bankruptcy were probably never under the impression that they would in the past, but are currently facing a situation or circumstance that is so overwhelming that bankruptcy is the only way out. It is expected that more than 733,000 individuals and businesses will try to reduce or eliminate their debt through bankruptcy in the year 2018. That’s according to research conducted by the U.S. Trustees Program. This was well below peak of filings that occurred in 2010 of 1.5 million. However, this is up from the estimated 685,000 number from 2017.
Overall household debt according to research completed by the federal reserves, sit at an approximately $13 trillion at the conclusion of 2017. Many people are facing student loan debt and while it is one of the most difficult to discharge in bankruptcy, you can do so while hiring an experienced bankruptcy lawyer who can help you show undue hardship. The vast majority of other consumer debt will be fair game for reduction or elimination in bankruptcy depending on your individual case specifics. You will want to get help filing the bankruptcy paperwork from an experienced bankruptcy lawyer who has been practicing in this field for many years. The support of an attorney can help you avoid mistakes and ensure that you get the maximum benefit filing for bankruptcy.
Knowing what’s ahead and filing in a timely fashion are the best ways to get support when you’re even contemplating bankruptcy. A lawyer who cares about you will help you figure out if now is the right time or whether there are alternatives you can look into to get the support you require.