Because of the enormous economic downturn that the whole world experienced in the last couple of years, more and more people are finding themselves up against the wall when it comes to debt. Indeed, what most of them want is to just pay off what they owe but they often find this too difficult. In times of stress like this, it may be wise to contact a bankruptcy lawyer to see what advice he can offer. Indeed, bankruptcy attorneys are well-versed in this kind of litigation now because so many people are finding themselves in difficulty.
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It used to be that we got a mortgage quite easily, with payments being easy to meet every month. Then came a kid or two and life was a little more difficult because of the added expense. What really rocked the boat in the last few years though was the global economic downturn that seemed to catch even the richest nations by surprise.
Indeed, in the US house prices have done a complete nose dive and people are now finding out what negative equity really means. That is, they have a house that is worth less than they borrowed, and they may also be out of work or on short time which means that their income is deflated.
This means that they cannot sell the house, since most people are in the same kind of problem, and even if they did sell, they would still have a debt to clear. Plus they would not have a house to put the family in either. Add to this the seemingly unending credit card debt which people have gotten too used to and one can see how the mess builds up into a debt wave that could see us all floundering in future.
When creditors start to get impatient with us they often resort to harassing letters and phone calls to try to retrieve what they are owed. This can escalate into sending people to the home too and this not only gets embarrassing, it gets downright scary as well. Some heavy-handed debt collectors threaten all kinds of action and right there on the doorstep where the family and neighbors can hear everything that is going on.
One way out of this, and this takes the help of experts to lead the way through the courts, is to file for Chapter 7 or 13. The first is a way of wiping off credit card debt completely, while the second allows for debts to be joined together and paid once every month.
Of course, the debtor must meet certain criteria to apply for this kind of way out and these are quite stringent. Not only will he have to undergo a quite serious and deep means test, he will also have to cut out any payments for his weekly budget which are not absolutely necessary. Then, and only then, will he be allowed to file for one or the other option.
This option is only available once every eight years so it is not something to be taken lightly for sure.
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