Massachusetts residents who are in significant debt spend a lot of time looking at their debt relief options. The problem is there are a lot of options out there, but only so many actually produce positive results. Consumer bankruptcy is something many people want to avoid, but at the end of the day, it can help. There are two types of personal bankruptcy for which one might qualify. This week, this column will focus on Chapter 13 relief.
When struggling financially, it is normal to spend time looking at available debt relief options. What many Massachusetts residents may find, though, is not all debt relief options are created equal. Some may seem like a good idea but really are not, and others may seem extreme but are actually worthwhile. Take Chapter 7 bankruptcy, for example. It may seem like a drastic approach toward gaining financial freedom, but it may be the best approach when looking at the bigger picture.
Many Massachusetts residents are living with a great deal of debt. Some can get by making their minimum payments, while others lack the funds to pay their creditors anything. After a number of unsuccessful attempts to collect, creditors typically take one to court to seek reimbursement. A bankruptcy law attorney may be able to help those who end up being sued over their debts -- or even before things get that bad.