It happens to the best intentioned of people. You find yourself short of cash one month for one reason of another. Perhaps your hours got cut at work, or you got hit with unexpected car repairs. Maybe medical expenses ate away at hard-earned savings. Regardless of the reason, you start paying with plastic, figuring that by next month you'll be able to pay everything off.
When next month comes, you're suddenly faced with an unusually high credit card bill and the choice between paying it or the mortgage. School loans are due. The phone bill needs to be paid. Your child needs school supplies. Suddenly you find yourself in a downward spiral, taking out high-interest payday loans to cover the cost of even higher interest credit card debt. The electric company is threatening to turn off your lights, the school loan people are calling on a regular basis, you can't make your car payment, and you're wondering whether buying gas or groceries should take priority.
First and foremost you need to know that you are not alone. Close to one million people file for bankruptcy every year. People like you who were not irresponsible and did not engage in illegal activity but, without quite knowing how it happened, found themselves drowning in a sea of overwhelming debt; spending sleepless nights wondering if they were going to lose their house, car and livelihood. Filing for Chapter 7 bankruptcy may be your ultimate solution.
While filing for any type of bankruptcy has drawbacks, filing for Chapter 7 helps the filer keep his house and car while figuring out strategies to pay off as much as the debt as possible. Because a person must meet certain qualifications to be eligible for Chapter 7 bankruptcy, and most importantly because filing for bankruptcy may not be the right solution, it is critical to consult with an experienced and qualified bankruptcy attorney. It is the attorney's job to help you figure out the best way to see the light at the end of the debt-filled tunnel.