It is Possible to Consolidate and Pay Off Your Debt with Chapter 13

Many people in a personal financial crisis want a workable way to resolve their money problems once and for all. They feel ashamed every time a creditor calls demanding an overdue payment. They want to hide when the sheri  knocks at their door to serve a lawsuit. Their stomachs churn every time they sit down to pay their bills. Escaping from the overwhelming guilt and hopelessness of their financial crisis seems impossible.

These folks know they owe the money and they want to pay it back. Unfortunately, they do not have the resources or knowledge that will allow them to permanently resolve their financial crisis.

Often, in desperation, these folks take on more debt trying to pay off the old debt. They use one credit card to pay the minimum payment on another credit card or use balance transfers as a way to shift the debt, incurring more debt in the form of balance transfer fees and additional interest rates. These maneuvers may buy time, but it doesn’t pay down debt and often it makes matters worse.

Sometimes, people fall prey to unscrupulous debt consolidation or debt forgiveness commercials they hear on the radio or TV. These advertisements suggest debt will be “forgiven” at no cost to the consumer. Or they suggest the debt can be reduced by debt negotiation. What the ads don’t say is that these are private, out of state businesses, which make money charging substantial administrative fees for the POSSIBILITY of negotiating or consolidating debts. These businesses don’t provide written guarantees for their work. And many of them do not deliver any real, helpful results.

If you are living in a financial crisis, investigate all your options. If you hear an ad promoting something that sounds too good to be true, it probably is too good to be true. Research the company and the claims they are making. See how they have dealt with other people and whether they have been able to deliver on their promises of debt forgiveness or consolidation.

As you investigate your options, consider calling Upper Peninsula Bankruptcy Lawyers Church and Korhonen to discuss a Chapter 13. Many of our clients qualify for a Chapter 13 bankruptcy which provides a livable and realistic plan to pay off debt within 3 to 5 years. And, best of all, the money used for your plan is your disposable income. Disposable income is the money left over AFTER you pay all your reasonable and necessary living expenses each month. It is possible to consolidate and pay off debt with Chapter 13.

Call Upper Peninsula Bankruptcy Lawyers to see if Chapter 13 will help you out of your personal financial crisis (906) 226-0001 or toll free (800) 758-5611.