When it comes to overwhelming debt, filing for bankruptcy protection may indeed be your best option, depending on your own specific set of circumstances.
But before you file for bankruptcy, you must ask yourself one important question:
Is any of the debt I owe secured?
Is any of your debt tied to some personal property or collateral, like your home, car, business, or something else of value that you pledged when you borrowed the money, or the credit?
If so, then if you default (fail to pay back the loan or line of credit), your creditor can use the legal system to take your property to satisfy the loan or any portion of it. That means they could take your home, business, car or some other thing of value. Here is where you may need bankruptcy protection.
If the debt is not secured by collateral, then it is unsecured debt.
If the debt is not secured by collateral, then it is unsecured. If this is the case, you may want to reconsider the bankruptcy and take a less drastic approach.
Credit cards, payday loans, and other personal loans are all unsecured debt and have no collateral associated with them, only your promise to pay. This debt can be settled for much less than you owe.
Because of the Covid-19 epidemic, many people lost their jobs and had to depend on their credit cards for just about everything to support their families, from food, diapers, clothing, and other everyday necessities such as paying for their water and electricity bills.
This epidemic has cost us much. You don’t have to let this crisis continue to create unnecessary stress in your life.
If you can no longer make your credit card or other unsecured debt payments, then you owe it to yourself and your family to give us a call for some guidance and
direction so that we can help you can resolve your debt in a manner that best suits you.
Call DeTata Law Group today and let us show you how we can settle your debt and put you back in control and in a much better place.
Call us today.