It is unfortunately not uncommon to get so deep in debt that you might have to file for bankruptcy. People from all walks of life and income levels have simply forgotten that a penny saved is a penny earned. This has led to an avalanche of debt problems that have forced many families to file for bankruptcy.
Even if it's not your fault, like if you get sick or lose your job, you need to do something about your financial situation. And as soon as possible is best.
There are many ways to get into debt, but credit cards, mortgages, and medical bills are the most common. On the other hand, if you're lucky enough to have some equity in your home, a debt consolidation loan could be your salvation. But what if you can't go that route to financial freedom?
Is filing for bankruptcy your only option?
Filing for bankruptcy is not a perfect solution to your debt problems, especially since the new bankruptcy laws make it much harder to get rid of all of your debt. Even if you file for bankruptcy, you might still have to pay a big chunk of your debt, and you might even lose your home.
Ok, so what should we do? Realistically, there is no easy way out, but you could ask a debt management professional for help. They can help you make a plan to get your head above water. They can also help you avoid sinking your financial ship in the future by teaching you tried-and-true ways to manage your money.
People who are trying to get back on their feet after living beyond their means can get help from a number of organisations that offer debt settlement programmes. It's nice that you can contact them and talk to them for free most of the time.
The process is also easy and painless because you usually only have to fill out a simple form and give them the most basic information. At that point, all you have to do is wait for them to call you, and they'll walk you through the whole process step by step.
Of course, you should always talk to more than one company. Once you've talked to each one, you can decide which one makes you feel the most comfortable. Don't forget that your current debts won't go away on their own, so the sooner you do something about them, the sooner you can stop worrying about money and move on with your life.
