If you are struggling financially and living paycheck to paycheck, it is time to consider your debt relief options. Filing a Chapter 7 or Chapter 13 bankruptcy can be the first step to taking control of your debt and getting your financial life back on track. The first step in making this decision is to objectively assess your debt.
What exactly does this mean? The Internet has several different websites that can assist you with the process. Most offer a “debt quiz” that gives you questions to answer regarding your financial status. By answering yes or no to these questions, the website may provide you with suggestions on how to improve your finances. But remember, this is very generalized advice and it is not legal advice, so it should be only used as a means for helping you assess your debt.
There are also websites that provide a debt calculator, which can be helpful because it permits you to enter the amount of your debt and the applicable interest rates. A debt calculator allows you to see how your debt will continue to increase over time. Again, these websites may offer generalized advice on ways you can pay your debt off.
The most vital action you can take is to be honest with yourself about your debt. If you are facing a temporary setback due to the loss of a job or divorce that you can overcome, then it makes sense to live by a budget until you have gotten back on track. However, if you are facing overwhelming debt and you believe there is no way you will ever recover from it, you should confer with a personal bankruptcy attorney.
No website or DIY book can replace the advice and guidance of an experienced lawyer. Let one of our attorneys review your individual finances and help you understand all of your debt relief options. Discharging your debt and obtaining a fresh financial start is often the best decision for our clients. In fact, many of them tell us they wish they hadn’t waited so long!
Stop living under the weight of your debt. Let us help. Contact Faro & Crowder, PA, today to schedule your initial consultation. Our office is located inMelbourne, but we proudly serve individuals and businesses across the State of Florida.