When each morning starts with telephone calls from debt collectors and ends in the same disturbing way, it’s easy to become discouraged. When the mailbox is full of past due notices, it might seem that there is no way out. Fortunately, there is a way to find relief by consulting with an attorney at one of the bankruptcy law firms. Most offer free consultations and guidance to determine if a chapter 7 or chapter 13 bankruptcy will help ease the burden of debt their potential client is facing.

For those dealing with much unsecured debt, such as high credit card balances, medical bills and even outrageous upside down car payments, a chapter 7 bankruptcy may give the debtor a fresh start by wiping out the unsecured loans and bills, along with reducing the car loan to a reasonable value. Of course, not everyone qualifies for this type bankruptcy. Those eligible to have their debts wiped out free and clear must have no viable way of paying back any of these debts. If it’s able to be proved to the satisfaction of the court that the debtor has no assets to speak of and no means to repay these debts, most likely they will be discharged, allowing the debtor to begin again with a clean slate.

For those in over their heads but still have the financial means to repay some amount, and those who have assets they want to protect, a chapter 13 bankruptcy may be the answer. After the debts are listed, a repayment plan is put into effect, with a monthly payment to be made to the court trustee. Though the payments may only be pennies on the dollar for the amount of debt actually owed, if the plan is approved by the court, when it is completed, the debtor’s remaining balances are discharged and the debtor is considered to be debt-free.

Bankruptcy law firms in St. Petersburg FL  are well versed in handling the details of cases such as these. For those drowning financially, there is a solution. Speak to an attorney to learn about the options available to become free of the burden of debt.