When you have no collateral to back your current debts, these are called “unsecured debts”. Incurring high debt is a common problem. Both individuals and businesses are struggling in today’s harsh financial world. In the case of these unsecured debts, the filing of Chapter 7 bankruptcy can immediately alleviate some of the stress associated with your inability to pay off your debt.
Sources of Unsecured Debt
Due to increasingly high interest rates on credit cards, many major companies are demanding more and more money from you. The bills become higher each month and falling behind on payments will leave you struggling with a low credit score. Paying the credit card companies such a large amount of money may leave you without the money you need for the necessities of life.
Medical bills also continue to increase in cost as the price of quality health care rises. These debts can be unreasonably high and often times unavoidable. The price of health insurance is too high for many people to pay and thus, with even minor illnesses and accidents, massive debt can be built. Often there is no other choice but to declare bankruptcy.
To better understand your options when it comes to filing for bankruptcy, it is important to have a lawyer who sympathizes with your struggle. Given the state of the economy, the government is making it more and more challenging to file for and obtain Chapter 7 bankruptcy status. If you are struggling under heavy debt, contact the Milwaukee bankruptcy lawyers at the DeLadurantey Law Office, LLC today at 414-377-0518 to take the first steps towards financial recovery.