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Bankruptcy Is the Least Expensive Way to Get Rid of Debt
Americans differ in many ways, but debt is something so many of us have in common. What we use to compensate is another thing so many of us also have in common: credit. If you feel caught up in an inescapable debt cycle, know this: Bankruptcy is the least expensive way to get rid of debt.
According to a recent Pew Research study, less than half of Americans (46 percent) make more than they spend. Many people don’t even know the actual amount of their debt. Debt can be intimidating, which in turn causes some to simply ignore it.
Face your debt and assess your options
At times, life can present a situation that forces one to confront their finances, upfront and head-on. Regardless of the type of debt you have and the amount, paying it off can take years, if not decades. Of course, there are measures you can take in effort to achieve this goal, but bankruptcy is the quickest and least expensive way to alleviate your debt. Period.
Bankruptcy eliminates most types of debt, stops collections, and allows you to reorganize and catch up on missed car or mortgage payments. Chapter 7 bankruptcy is a good option for those that do not have the ability to pay all their debts, while a Chapter 13 is a reorganization bankruptcy for those that have the income to catch up over time. Bankruptcy is much less expensive than debt settlement.
A bankruptcy filing will be on your credit report and may initially lower your score, and that is a cost, too. But you can immediately begin to rebuild your credit following bankruptcy. This is the time to add new credit, like a secured credit card or small installment loan. Go forward making on-time payments ALWAYS for all debt, the old and the new. Not exceeding 30 percent utilization of your credit cards is also a good habit to practice.
Get rid of debt — and keep it that way!
If you continue moving forward with good financial habits, you can get rid of debt, rebuild your credit — and keep it that way! Consult a bankruptcy attorney to learn your options. Each bankruptcy case is different, relative to the person filing, so what may be true for one person may not be the case for another. But between allowing debt to continuously accumulate with no resolution versus allowing bankruptcy to give you a fresh start, the latter is the better option every time.
They Called. They're Glad They Did.
Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
Brian has the amazing talent of taking complicated legal matters and distilling them down to seamless, frictionless resolutions. He is a phenomenal problem solver and a trusted advisor.
Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
