More and more people are finding themselves in debt today. Some cannot keep up with payments and fall behind. This results in late payment fees and increased interest rates that just increase the amount of the debt. The harassing phone calls start and people get overwhelmed and more stressed. This begins a vicious cycle that just perpetuates itself until there is no end in sight. You do have options in this situation. Debt management is an option by which you pay a monthly payment to a debt management company. The company distributes that payment to your creditors and the debt gets paid off slowly. The management company works with creditors to get the late fees reduced or eliminated and the phone calls stop. This works for some, but may not work for all.
Looking into bankruptcy is another option to consider. Chapter 13 Bankruptcy in Dayton Ohio allows you to retain ownership of your possessions and assets. You agree to devote some portion of your future income to repaying creditors over time. Once a plan is developed and is deemed appropriate by the court, all parties are bound to the terms. There are stipulations to this type of bankruptcy and not everyone can participant. Chapter 13 is only for individuals with regular incomes and debts that do not exceed specified amounts. Each State sets the amount limitations and each State is different. The time frame of repayment is typically between 3-5 years. You will need a lawyer from a firm that specializes in bankruptcy, like Thompson & DeVeny Co. LPA for example, to explain the laws that govern Chapter 13 in your State. A lawyer can also help you develop a repayment plan that you can adhere to and be successful completing.
Chapter 13 Bankruptcy in Dayton Ohio may be your best option when looking to get out of debt and make a financial recovery. Make sure you know the process and exactly what you are agreeing to do. Failure to make a payment or making only a partial payment without a court approved adjustment to the plan can cause more problems than the original debt. It is a serious route so think about it carefully and consult a legal professional before you decide on bankruptcy. For more details click here.
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