Debt Is No Laughing Matter, But Solutions Are There


Whenever we find ourselves in dire straits, financially speaking, we often throw in the towel and run away from the problem. However, there is no need to do this anymore since there are some measures in place to help us save what we can from a very bad situation. For example, a bankruptcy lawyer will be able to lead the way through court proceedings which may see individuals being able to pay debts that they have. In fact, not only does a bankruptcy attorney know how to do this, he can also get some of the debt written off in some circumstances.

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Most of us have a credit card or two which we really should not be using very much. The temptation to get things on credit is overwhelming for most people since we live in a 'must have' society these days. However, this is unrealistic now since our financial futures are in the balance.

The global economic downturn made it practically impossible for people to keep paying out what they owed while holding down jobs which were a little uncertain to say the least. Eventually, many people were laid off and debt started to rise at an alarming rate. Foreclosures followed and the government now had the prospect of having people claiming unemployment that had never stood in line before.

To counter this, and to keep people in their own homes, several measures were brought in to punish those lenders who were either charging extortionate interest rates, or who were giving out cards to people who should not have been eligible for them in the first place. Of course, this is not good for those companies and now they are a little more careful with their special offers and card distribution.

One such measure that the courts uphold is the act of wiping out credit card debt. This is done in one of two ways which can help the debtor tremendously. The debtor will have to undergo a form of means testing to get to this stage but he may well have the debt wiped off completely for his pains.

The court has specific items which have to be paid first in any household budget. Food and medical insurance are probably as important as the mortgage and all these will be allowable expenses. Anything fanciful, like the gym class expenses will not be of course. If the income is less than the incoming expenses, the credit card debt will be cancelled completely and the debtor will no longer have to pay it. If the income is more than the incoming expenses, the whole debts are amalgamated and a payment plan is worked out so that no more credit charges are added.

What this does is to allow people some breathing space when they find themselves inundated with debts and harassing letters etc which they have no hope of paying off until they become stable again. Although it may affect their credit ratings in future, at least for the time being, they can breathe easily again.


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