I AM OVER MY HEAD IN PAYMENTS. IS THERE A WAY TO GET OUT OF THIS DEBT TRAP?
Steven N. Taieb, Esq. has written The Debt Trap: How Your Life Choices Impact On Your Financial Future, and he explains many of the reasons people get into debt. If you are in the situation where your mortgage payment or auto payment is out of control, you may want to consider a bankruptcy to get your out of this trap.
Many clients get stuck with outrageous car notes and if they turn back the vehicle without filing bankruptcy, they can be sued for the deficiency. Also, if you just walk away from a mortgage payments, and vacate a house, your credit will be affected and it will be very difficult for you to purchase a new home having the foreclosure on your credit.
If you qualify, you can file a Chapter 7 bankruptcy and just surrender the vehicle and home so you get a fresh start. Also, effective November 1, 2017 the median income has become much higher to file a Chapter 7 bankruptcy. For example, for a family of 4 the median income is $118,697.
If you wish to reorganize some debt and surrender other debt, then you can do a Chapter 13 bankruptcy which gives you flexibility in creating a plan of reorganization.
If you were cheated by a creditor and tied into a note with outrageous payments, then the bankruptcy code gives you the option to clean the slate and get a fresh start with either Chapter 13 or Chapter 7.
Steven N. Taieb, Esq. is here to help you and is a South Jersey Bankruptcy Attorney who has helped over 7000 people with their financial problems for the past 32 years and is board certified in consumer bankruptcy law by The American Board of Certification which is accredited by The American Bar Association.
We are more than happy to discuss all your options and to see if bankruptcy is the best option for you.