It may be the time to talk to a bankruptcy attorney in Des Moines if you are at a level of debt that you can’t pay off. It’s not a situation you want to be in, it’s embarrassing and uncomfortable. While you may feel these negative emotions about how you got there, sometimes it happens because the situation was out of your control. There are times where nothing could be done to stop the cascade, and the way to stop it is to file for bankruptcy.
You may be hesitant to file for bankruptcy because it is a big step. It may feel like it’s an extreme reaction to a temporary situation. But how temporary is debt? How many years will it take you to clear your bills? 5 years? 10 years? Either answer isn’t a good one. You wind up paying a lot of interest, not to mention the penalties and fees that were tacked onto your late payments. The end result is one of you paying much more than you should have.
When you speak to a bankruptcy attorney in Des Moines, you learn about why you should file as opposed to trying to pay off the debt. It’s possible to avoid filing by settling your debts and paying them off in lump sums, and the attorney can help you. But if you don’t have large sums of money lying around, this won’t work. Bankruptcy is the quickest way to eliminate the debt for good. It is much quicker than trying to handle the debt on your own.
Bankruptcy helps you clear your debt in a matter of months or years, depending on which chapter you wind up filing under. A lawyer can help you understand which chapter is better for your situation and why. The core of bankruptcy is debt elimination, and it’s done by liquidating assets to repay creditors, or creating a repayment plan that rearranges debt to a level you can afford. When the bankruptcy ends, you are debt-free for good. Your creditors will never be able to come after you again to get money from you. In turn, you are free to rebuild your credit rating and move forward.