Even Responsible People Can Get Into Debt
Since the economic downturn of 2008, it has become clear to the nation that even the most fiscally responsible individuals can suddenly find themselves drowning in debt. It is now common knowledge that the most frequent reason individuals opt to file for personal bankruptcy is medical debt incurred as a result of sudden illness or injury. These events in life largely cannot be helped. And adding to the stress of a sudden and serious medical condition are the constant calls and emails that tend to define creditor harassment.
Ending Creditor Harassment by Filing Bankruptcy
Individuals seeking an opportunity to end creditor harassment through debt relief have many options to choose from. It is an individual's circumstances that will largely dictate what the best option is for any given situation.
For example, Chapter 7 Bankruptcy may be a great option for those individuals who can no longer work due to illness or injury. When an individual's income is suddenly slashed and the debt continues to mount, filing for this kind of bankruptcy may be the best option.
On the other hand, an individual with steady income who simply cannot keep up with mounting debt may benefit from Chapter 13 Bankruptcy. This option allows individuals to restructure their debt and pay it off without selling off a number of their assets.
Finally, debt relief counseling is often a great option for those individuals who can still manage their debt but just by a thread. This option can help to keep debt manageable on a case by case basis.
Struggling with significant debt can be truly challenging. But help is available in many forms. Please consult an experienced attorney to determine which option is best for you.
Source: Fox Business, "Choices for Debt Relief"