No one likes the idea of admitting they’ve lost control of their finances. Even when the underlying cause is something like being out of work for a time, unexpected medical bills, or failing to budget properly, bankruptcy is often the last solution that comes to mind. Here are some signs that talking with an attorney about the option of filing a chapter 7 bankruptcy in Fairfield, OH is the right thing to do.
No Way to Make Ends Meet
The bottom line is that there is not enough money coming in each month to cover all those bills, which leads to a constant game of trying to juggle debts and keep everyone happy. While it may work in the short-term, this approach ultimately makes things worse. If there is no possibility of increasing income or selling assets as a way to generate the cash needed to honor those debts, looking into a chapter 7 bankruptcy in Fairfield, OH is worth the time and effort.
Creditors Aren’t Willing to Work with the Debtor
One way of dealing with debt is to contact creditors and try to work out some sort of alternative arrangements. That works fine as long as the creditors are willing to do so. The fact is that some creditors are not the least bit interested in working with the debtor. They are content to keep piling on late fees and other charges, and ultimately filing suit against the debtor. When creditors will not work with the individual, seeking bankruptcy protection is the most logical move.
All the Debt Is Unsecured
As it happens, the debtor does not owe obligations like back taxes, student loans, or any other debt that the court would class as priority. In fact, all of the debt is in the form of credit cards and other forms of unsecured debt. If repaying those balances is not possible, a chapter 7 could discharge all the obligations in a matter of months.
Instead of losing sleep and avoiding phone calls, meet Attorney R. Dean Snyder today and explore what type of bankruptcy would provide the help needed. Doing so will be the first step toward obtaining a fresh start and building a more secure financial future.