What Debt Relief Is Right For YOU?

Money problems play havoc present a wise range of problems for many people.  Financial pressures not only can prevent a person being effective at work, but also cause collateral problems. The result of these money problems is that a debtor may find that he or she wants a fresh start to get free of debt.   There is a common solution that is proposed by friends and relatives to a person who is experiencing  financial problems.  That solution is for the person to declare  bankruptcy. Notwithstanding to commonality of this advise the question still remains, is Bankruptcy for right for you?. The reality is that each person must examine his or her own financial situation to determine what must be done to clear it up. A debtor who is searching for a resolution to financial pressures needs to examine his or her financial situation in an objective manner. This means not only gathering all of the financial information, organizing it and analyzing it, but learning all available options to resolve outstanding financial difficulties. A first step is to gather the following:

  1. All income documentation for the past six months including not only pay stubs, but also any other financial assistance provided to the consumer as well as all income from other sources for both the debtor and his or her spouse.
  2. A complete list of all monthly expenses.
  3. A list of all secured debt such as mortgage and/or automobile payments.
  4. The past due amounts, if any, on all secured debt.
  5. All income from investments, interest, dividends, pensions, retirement income, social security benefits, disability benefits, unemployment compensation, worker’s compensation, child support, alimony or spousal maintenance.
  6. All business income. This should include gross receipts from the operation of the business, the cost of goods sold as well as all business expenses.
  7. Contributions to household expenses and income from others, such as spouses, partners, roommates, family members and others who contribute to the debtor’s income and/or expenses, whether they reside with the debtor or not.
  8. The debtor’s household size including all persons currently residing with the debtor such as the debtor’s spouse, if any, children, other family members such as parents, brothers, sisters, other relatives, roommates, significant others, partner and other household members.

If the debtor is married and his or her spouse resides elsewhere, then information about the spouse’s income and expenses will be needed as well. After all of the information has been gathered and reviewed it is a sound idea to consult with a licensed lawyer who can go over the facts with you and provide information on available debt relief. At that time there can be consideration of whether the debtor qualifies for Chapter 7 bankruptcy or Chapter 13 bankruptcy. The means test may be used to evaluate the qualification of a consumer for bankruptcy. This review of eligibility covers a consumer’s financial ability to deal with his or her current financial circumstances.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

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