Many average people today have some sort of financial problems. After such a long period of high unemployment across the country, bankruptcy rates are higher than ever before. Because of this, the stigma that was once associated with debt relief has dissipated. In the past, people hid the fact that they filed for bankruptcy relief. However, it’s perfectly normal now to have a few friends or neighbors who took this route to resolve their debt problems.
Getting out of debt by making the minimum payment on bills is nearly impossible. It can take a decade or more to pay off one credit card because the interest continues to compound until the charges are paid off. On the other hand, when a person uses bankruptcy law to pay off the same credit card, it will be paid off within five years. Most bankruptcies are completed in three years. After the end of the term, any outstanding consumer debt may be discharged, which means it never has to be repaid.
The best place to start is by contacting Bankruptcy Attorneys In Baltimore. By working with an attorney who focuses on bankruptcy law, a person with serious debt problems might learn about their options and figure out the best way to approach the problem. There are many ways to tackle debt. In many cases, bankruptcy is the best choice. However, as bankruptcy attorneys in Baltimore may tell their clients, debt consolidation and credit counselling are helpful options to some people dealing with their debt.
The process starts with a free consultation. Anyone in debt can contact us and may receive information that can help them resolve their debt issues. This valuable information could help a person who is drowning in debt get a fresh start. Whether using Chapter 7 or Chapter 13, bankruptcy is an effective way to resolve financial stress when it’s used along with reliable financial guidance. With credit counsellors and experienced attorneys guiding clients along the way, people who thought they would never get out of debt are often able to live a live free of overwhelming bills.