Finding oneself in a situation where money is tight isn't new to many Sacramento residents. However, pinching pennies is different from being completely overwhelmed by debts that seem never ending. If a person owes more than they can handle, it can quickly have an avalanche effect where a person feels buried by their financial obligations. The good news is that there is a potential solution for those who can no longer meet these obligations.
When you are buried by debt, you know that something has to give. While one may float listlessly in this financial limbo, one should do their best to pull themselves out of this situation. Personal bankruptcy options are available to help settle debts, absolve debts or get on a management payment plan that stops the creditor calls and mailers.
Chapter 7 bankruptcy and Chapter 13 bankruptcy are options when filing for personal bankruptcy. Some debtors prefer Chapter 13 and others, Chapter 7. The beauty of bankruptcy is it's a legal decision that can be tailored to you and your financial hardship. As a rule of thumb, Chapter 7 is different from Chapter 13 in that debts are liquidated rather than put into a manageable payment plan, like in Chapter 13 bankruptcy.
Struggling with debt doesn't need to go on forever. Do yourself and your loved ones a favor by absolving the problem and begin looking towards your financial future. You may be surprised by just how bright your financial future can be! Bankruptcy is a legally binding agreement that helps debtors re-pay or absolve debts to move forward.
Source: FindLaw, "Bankruptcy: An Overview," Accessed January 15, 2018