There are many reasons that people get into debt they cannot control. Many times, excessive debt is the result of a job loss. A person who is unemployed for an unusual amount of time might use their credit cards to pay for food and other necessary expenses until they get back to work. If the period of unemployment lasts longer than the available credit, that person might be evicted from their apartment or lose their house to foreclosure. Both of these events can have a significant impact on someone’s credit. In many cases, the amount of debt is nearly impossible to pay off before creditors are ready to go to court to collect the past due amount through garnishment or seizure of assets.
It is important to talk to a professional about Debt Relief in St. Louis as soon as you know you are in trouble. An experienced bankruptcy attorney, such as Law Offices of Steven K. Brown, can help you evaluate your situation and determine the best action in your particular case. Chapter 7 bankruptcy might be a good option for you if you have more debt than assets and you don’t have enough income to make payment arrangements to keep your home. If you’ve gotten a job and want to stop your home from being foreclosed, Chapter 13 might be a good choice for you. Chapter 13 bankruptcy is an option for Debt Relief in St. Louis that allows people like you to make a single, affordable payment every month toward all of your bills.
Whether you choose to file for bankruptcy protection or you use another form of Debt Relief in St. Louis, it is important to get your debt under control and learn strategies to keep it from getting out of hand in the future. Many people are successful when they live on a budget and create a savings account they can use in case they suffer another job loss. Using the money in a savings account is always preferable to accumulating credit card debt, especially when you don’t have an income stream to make timely payments.
