Most people who have been suffering under the burden of debt, turning to a professional for help is probably the only way out of the problem. A bankruptcy attorney will be able to advice on the best steps to take to try to hang on to least some of their belongings. A bankruptcy lawyer will guide the person through the paperwork and court procedures with ease.
Most people will not know that it is not necessary to go through insolvency. If the debt is credit card in nature, the professional will probably advice the person to file for Chapter 7. This means that the person, and family, will be means tested to find out about expenditure and income. If there is not excess of income over reasonable expenses, the court will literally wipe out the credit card debt completely.
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Should the income be in excess of the necessary expenditure, then the court will work out a plan for the person to stick to payments over a period of time. But the good thing that once this has gone to court, the creditors will no longer be able to harass the debtor or send letters or people to try to push him into paying the debt. This is called filing for Chapter 13 and the court will certainly take a close look at the expenditure of the family and will not allow anything extraordinary.
One excellent aspect of filing for Chapter 13 is that there will no longer be an issue with interest being added to the total, neither will there be a fee charged for late payments. This is what normally puts the person in trouble in the first place. Missing one or two payments will send them into a downward spiral which they cannot get out of.
Very often people will leave it much too late to do anything about their debts. They hide from the truth or do not answer letters and this is where the problem will start. Before very long, creditors will start calling at the house or harassing them by phone and letter. This puts an enormous amount of strain on anyone and they often will not be able to cope with the results.
Of course, it could be said that by going to court, the debtor is being let off very lightly. However, the embarrassment connected to this action is often enough punishment in itself. Just having to admit that they are in a mess could be considered excruciating to some people.
One thing that is absolutely clear is that whenever anyone is in debt, they must find a professional who can get them through these trying times. The wonderful thing about this though is that the professional will usually have an answer to these absolutely rock bottom moments. Saving the family home may also be on the cards as well as saving the family relationships. Many wives have left an erring partner when debt is the problem, and who could blame them for their spouse putting the family at risk.
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