Debt can be crippling. Many in Sacramento are living with debt. And the situation is worsening. But how do you get out of debt? This recent news story offers tips to relieve your debt dilemma. But the options offered presume you have the money to, at minimum, pay down your debt. What do you do when you don't have the income to do that?

Bankruptcy is an option when you cannot afford the debt you have. Filing bankruptcy allows you to discharge your debt. This means your debt can be eliminated. Typically people who file bankruptcy can retain their property and still get out of debt. There is often nothing to lose. Credit is impacted by filing bankruptcy, but so is debt itself. That's where bankruptcy comes in.

When you have too much debt, something needs to be done. If you don't have the money or resources to get out of debt, the problem can only worsen. Bankruptcy is a way to get out of debt. Bankruptcy offers credit relief to those who cannot afford their debt. If you can pay your debt, even if only a portion of it, bankruptcy law requires you do so. For those who can't pay their debt, a bankruptcy discharge is often the best solution.

Though bankruptcy impacts your credit negatively, the elimination of debt is helps it. If the elimination of your debt is more beneficial than a bankruptcy filing is negative, bankruptcy should be considered. Filing bankruptcy is better done sooner than later. That's because living in debt often is worsened by going further in debt to relieve your other debt. It is a nasty spiral, and it can't be sustained.

If you are living in more debt than you can pay, I invite you to contact my office for a free consultation to evaluate your options. 

Fast financial fix sounds like a catch-phrase for a scam. It can be. But there are options out there that allow you to fix your finances. And they can be fixed fast. Bankruptcy is one such option. And bankruptcy is far from a scam. It is a conservative legal undertaking to eliminate your debt. Normally bankruptcy is a last resort for consumers. But for those in need of a last resort, it is a worthwhile strategy.

Bankruptcy is premised on dealing with debt that can't be afforded. Those filing for bankruptcy know this. That is why they file for bankruptcy. Other financial solutions may not work, or can't be afforded. That's where bankruptcy can come in. Bankruptcy is a fast financial fix, too. Chapter 7 bankruptcy from filing to discharge last a little over three months.

Not everyone is eligible to file for bankruptcy. There are certain income and asset restrictions. Those who are eligible, though, stand to benefit from bankruptcy law. Normally those seeking bankruptcy relief are eligible for filing bankruptcy. Their income and assets are limited. That is why they need bankruptcy help. Those in need of bankruptcy need a financial fix, a fast financial fix.

If you have too much income, or have too many assets, you commonly can pay your way out of debt. Bankruptcy is not necessary. But for those who can't, bankruptcy is an option. Bankruptcy eliminates credit card debt. It eliminates medical bills, personal loans, payday loans and even taxes. Bankruptcy is a powerful tool for those in need of a fast financial fix. This PBS news story illustrates a couple coping with their debt.

Beyond the fast financial fix, bankruptcy protects you from your creditors. If you file for bankruptcy your creditors can no longer collect from you. You can't be sued, foreclosed upon, have your wages garnished, your car repossessed or even contacted. It is another reason consumers file for bankruptcy.

If you are in need of a fast financial fix in the Sacramento area, contact my office for a free bankruptcy consultation to evaluate your options. You have nothing to lose but your debt! 

Beware of debt consolidation scams. Not exactly Shakespearean advice, but it is a worthwhile tip. Those in debt are also in need. They are in need of getting out of debt. When you can't afford the debt you have, there are few options available. This is particularly so for those on a fixed income That's most of us. Elderly are commonly considered those on fixed incomes. But that category applies to all who make a set income. So if you earn a salary, you are on a fixed income. There is little to do besides getting another job to get more income. If you work full-time, there is little to no time left to moonlight.

What then to do? If you find yourself with a set amount of income, and debt beyond your ability to repay, there is only one option. That is to reduce or eliminate your debt to get out of your financial hole. But how? You could pay it off with savings. That, though, is rarely doable. If you had savings, you probably wouldn't be in debt in the first place. Beyond that, you must seek ways to reduce or eliminate your debt. Again, how? Debt consolidation is a common media pitch. So, too, are debt consolidation scams. This news story reflects the bottom-ot-the-barrel example of debt consolidation scams. But it is a cautionary tale. It is also not an isolated instance.

Debt consolidation scams are more common than most would consider. They are not always as egregious that news story. But, however viewed, there are many examples of scam artists seeking to separate you from your money. All done to prey on your need to reduce your debt. Some of the more subtle scams stem from the credit card industry. Many debt consolidators are owned by the credit card industry, sometimes referred by credit card companies when you encounter difficulty with your debt. Their mission, though, is to reduce their own debt, not your debt.

Evaluate your debt options by contacting me for a free consultation to consider bankruptcy.