Losing your job can cause your finances to spiral out of control. What might have been affordable a few weeks ago is now a struggle to pay. Since the job market is tough, you might not be able to get a job making what you once did. As much as you are trying to do what you can, you simply cannot continue to go on like this. If you are tired of the never-ending pile of debt and need answers, you can turn to one of the options below to help you take back control of your finances.
Credit Counseling Agency
One of the first steps many try to take is to turn to a credit counseling agency for help. This team of professionals will act on your behalf to try and work out deals with all of your creditors. They will negotiate lower interest rates, removal of late fees and so on. Their goal is to help you get back on track without having to feel strapped every month.
For those who have an income coming in, this is often one of the best options for you. It allows you to take control of your finances without having to worry about going farther in the hole every month. You make one payment to the counseling agency and they handle everything else from there.
Chapter 7 Bankruptcy
When you have no income coming in, or an extremely small income in relation to what you have to pay, this is often the perfect choice for you. With this option, you can completely eliminate your debts without having to worry about paying anyone a penny for them. There are certain debts that cannot be eliminated, such as child support and tax debt, but just about everything else is wiped out.
Instead of having to worry about creditors garnishing your wages and harassing you, this allows you to put an end to all of the stress and live life peacefully. A bankruptcy attorney can go over your information and determine whether you are eligible for this particular type of bankruptcy.
Instead of having to deal with a never-ending pile of debt, you can take control of the situation with a plan that works the best for you and your needs. Once you have the chance to speak with a bankruptcy attorney, you will gain a better understanding of what you can do about your specific situation. For more information, contact a firm that specializes in bankruptcy cases, such as Smith & Weer PC.