Many people who have used TAIEBLAW don’t know where to turn since they are being crushed by creditors. They are making minimum payments on all their debt and it is not putting a dent into principal.
People cannot exist like this since the stress is unbearable and they will not get out of debt for years. Most people in this situation have poor credit but even if their credit score is still “good”, it is better for them to have a plan and move forward.
TAIEBLAW has helped people reduce their payments substantially or even eliminate their payments altogether. It is one thing to work hard and work another job to pay back all the debt, however you don’t want to kill yourself and affect your health if there is no light at the end of the tunnel.
If you are under the median income and you have a deficit in your budget, without counting credit card debt, you may be eligible for a Chapter 7 whereby you would not have to pay any of the unsecured debt or credit card debt back.
However, you must stay current with your mortgage and auto payments and anything else that is secured by collateral. Just keep in mind that in Chapter 7, you have to make sure that all your property is exempt or protected or a Chapter 7 trustee can sell your property.
The other option which helps reduce your payments is a Chapter 13. The only time people may not be able to reduce their mortgage payments is if they are substantially over the median income. However, in Chapter 13, you will not lose your property such as your home or vehicle if you are current on payments.
The most important thing is to lighten your load by either filing a Chapter 7 or Chapter 13 which will get a stay in effect and have a plan in your life so you won’t live under the constant stress of bills and/or creditors harassing you.
If you have any questions concerning any type of bankruptcy filing, please contact TAIEBLAW at 856-235-4994 or visit our website TAIEBLAW.COM.
Steven N. Taieb, Esq. has been a South Jersey Bankruptcy Attorney for over 35 years and is board certified in consumer bankruptcy law by The American Board of Certification which is accredited by The American Bar Association.