How Chapter 7 Bankruptcy Can Help Those Out of Work
As unemployment levels in Texas and across the United States continue to rise, job loss is causing significant financial problems for many individuals and their families.
For a person without much debt, the loss of a job can push that person to begin using credit cards to pay for daily expenses, including mortgage or car payments, and start the cycle of debt. For a person already in debt, job loss is often the final act that will push him or her over the edge. In either case, many people who file for bankruptcy protection and use debt consolidation have accumulated large amounts of debt—or have been unable to pay off their debts—due to job loss.
Chapter 7 bankruptcy can be a helpful tool for people who need a solution for debt relief and having an experienced attorney by your side can help you file for bankruptcy with confidence. At my firm, I, Charles Nettles, assist individuals through the process with ease.
The Never-Ending Cycle of Debt
Debt is like a machine that feeds on the financial problems of consumers and small businesses, and as your problems increase, so does your amount of debt. As debt accumulates, it brings calls and letters from collection agencies and it can result in overwhelming amounts of emotional and financial stress.
Most people in the U.S. and Texas have at least one credit card that they maintain on a regular basis, either by making regular minimum payments or by paying off their balances every month. The loss of a job can throw a person's financial balance out of whack, causing them to spend more on credit cards or causing them to miss a payment here or there.
In response, credit card companies will often raise interest rates, assess expensive fees and penalties or lower your credit limit, making a tough situation even worse. It can soon get to the point where all of your payments are only to get rid of the interest and do not even make a dent in the principal amount owed.
End the Cycle with an Experienced Bankruptcy Lawyer
Thankfully, Chapter 7 bankruptcy is intended to help consumers break this cycle and to give them a fresh start from their financial problems. I, Charles Nettles, can help you navigate the process of bankruptcy and discharge your debts in an effective manner.
Contact my Austin, Texas, office by sending me an e-mail or by calling me at 512-443-5545 (toll free at 800-460-5555). Schedule a free initial consultation and learn more about your rights to bankruptcy help and debt relief.
I am a Board Certified Bankruptcy Attorney assisting Individuals and Small Businesses File Bankruptcy.
