Many times people who get themselves in over their head with their debts feel very trapped. The balances that they owe feel overwhelming and like they can never be paid off. Credit card debt has such a high interest rate that it can be very difficult to pay off balances. Mortgages with an adjustable interest rate become even bigger monthly payments as the interests rates rise. And it might seem like expenses keep popping up in life that require money to be spent on something other than existing debts.
When you are trapped under your debt, you can feel like you are drowning. It seems like no matter what you do you cannot manage your debt, and making payments on anything you owe is too challenging, especially when you have other financial obligations to take care of. This can cause you to feel a sense of despair, which can lead to the development of depression and other mental and emotional harm. But there is something you can do about your situation.
One option that you have available to you if you have a lot of unpaid debt is to consider filing for bankruptcy. In a successful bankruptcy, you can discharge your debts, meaning that your debts will go away and you do not have to repay them. Debt relief through bankruptcy can be a huge source of relief for a debt-burdened person. The first step for taking control of your debt situation is to talk with a Michigan bankruptcy lawyer about what your options are.
Taking some time to learn whether bankruptcy is the right debt management solution for you can end up being invaluable time spent with a lawyer. Your bankruptcy lawyer can help you get a better understanding of:
Many people who choose to declare bankruptcy find the experience surprisingly empowering because they are able to take control of their debt situation. While many people feel scared of declaring bankruptcy, once their debts are discharged they feel a sense of relief and security. It is a good feeling to know that your once overwhelming debt has been eliminated or reduced to something that is more manageable.
If you are ready to learn more about how bankruptcy can help you take control of your debt situation, you should consider contacting an experienced Michigan bankruptcy lawyer like the ones at the office of Karen E. Evangelista, PC. Our lawyer can help you weigh the benefits and disadvantages of filing for bankruptcy and can help you understand the process and what you need to do. Please feel free to contact us today at 248-652-7990.