Whether it is credit card debt or loan payments, any kind of debt that has interest built into it can be very difficult to fully pay off since the longer the debt lasts, the more it accumulates.
One of the most basic strategies for stopping the accumulation of debt (besides cutting up your credit cards) is to make more than just the minimum payment allowed on the bill. However, besides this there are some other strategies to reduce interest payments and help you fully pay off your debt:
Personal bankruptcy should be the absolute last resort for dealing with debts. It should only be done if it is impossible to pay off your debts. This is because there are some severe consequences for declaring bankruptcy. For one, you will have trouble getting any kind of credit for the next ten years. You will also either lose some of your property or control of your finances depending on what kind bankruptcy you have filed. Lastly, it also costs hundreds of dollars to file for bankruptcy.
Definitely. Bankruptcy is not something to be taken lightly, and a bankruptcy attorney can advise you of your options for paying off debt and help you decide whether it is really going to be necessary for you to file for bankruptcy. If you do decide to file for bankruptcy, your attorney can help you decide what kind of bankruptcy to file for and help guide you through the procedure for doing so.
Last Modified: 06-04-2014 09:42 AM PDTLaw Library Disclaimer
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