Debt is a fact of life in America today. Without some debt, it’s hard to live on a daily basis. Most people have at least one credit card and a mortgage loan on their home. Problems can occur when a person takes on more debt than they have the means to repay or if they lose their primary source of income and are unable to pay their bills on time. This often happens after a person suffers from an unexpected medical event or gets divorced. Fortunately, there are options for people in this situation. With Debt Consolidation in Beavercreek Ohio, you can pay your bills in a way that is affordable for you.
The most common debt consolidation program is Chapter 13 bankruptcy. If you choose to use this legal method of setting up a manageable payment arrangement with your creditors, the bankruptcy court will consider all of your income and determine how much you can afford to pay every month. You’ll send one payment each month to the bankruptcy trustee and the funds will be disbursed among the companies you owe. This plan is significantly different from Chapter 7 bankruptcy, in which all of your unsecured debts could be forgiven without you having to pay them back. A bankruptcy lawyer can give you more information about the process and help you decide which chapter of the bankruptcy code is most appropriate in your situation.
People like you, who own a nice home and a car and would like to keep your property, typically choose Debt Consolidation in Beavercreek Ohio instead of Chapter 7 bankruptcy. When you use Chapter 13 of the bankruptcy code to set up a payment plan, you’ll be able to keep your property as long as you can afford it. Once you begin your repayments, you’ll have to maintain them for three to five years. In many cases, there are still debts left unpaid when it’s time to discharge a bankruptcy. If that happens with your debt, any outstanding unsecured bills might be erased and you can move on with your life without having to worry about repaying them.