If you are in debt and unable to keep up with your bills, it is easy to sink into despair. Not only do you have to face your own lack of funds when you are trying to do things like pay bills and buy food, but you also have to be constantly reminded of the problem by creditors and others who try to demand money that you don’t even have. Before you completely give up on the idea of pulling your life together, you should make sure that you are fully informed about the available legal options. Don’t assume that there is nothing you can do until you seek out bankruptcy attorneys in St. Paul MN and ask for advice.
The degree to which you can be held legally responsible for a debt can vary more than you might expect. Secured debts are tied to particular assets. If these aren’t paid, those assets can be confiscated. This typically applies to mortgages and car loans. In contrast, credit card debt is unsecured. This means that there’s no specific asset designated to cover whatever you may have borrowed. The company could try to sue you for the money, but that would be costly and might get them nowhere if you don’t have anything you can give them anyway. Because of this, it’s often possible to negotiate with the lenders associated with unsecured debts. When a borrower is in serious financial trouble, they’re often willing to take whatever they think they can get.
Bankruptcy attorneys St. Paul MN can help you to go through the money you owe and to see where that kind of negotiation might allow you to settle the amount owed in exchange for a payment much smaller than the actual balance. If this isn’t enough to reduce your financial burdens to the point where you can keep up, you may still have options. That’s when it’s time to start carefully assessing bankruptcy and how well it might address your particular circumstances.
The laws surrounding finances and debt are complicated, and it’s very difficult to work your way through them while also struggling with the stress of not being sure how you can keep food on the table or a roof over your family. Someone like Attorney Elaine Wise can step in and help you to sort through your situation and to figure out where you really stand.
