The average U.S. household with at least one type of debt owes approximately $144,000 as of 2018 and the amount continues to grow. Total outstanding consumer debt totaled over $4 trillion as of December 2018 and this trend is also continuing to grow in the current economic environment.
In this situation it is not surprising that people dealing with this debt are more likely to report health problems, according to an Associated Press/AOL study, many of which are brought on by stress, anxiety, and depression. Regency Legal Group can help deal with your debt situation and diminish this stress.
Debt Management Solutions
What is the solution to your debt situation? Just as there are many paths that lead to unmanageable debt there are many options to resolve your debt crisis. Which one is right for you is difficult to determine without a knowledgeable guide and each day the debt is ignored the costs, the stress and the potential for legal action against your increases. If you feel stuck and do not know how to get out of the financial situation you are in, Regency Legal Group can assist you.
Regardless of how your current debt crisis originated filing for bankruptcy protection through the courts is an option that may be available to you. While not a simple process and with many details to consider before making your decision, bankruptcy can allow you to reset your financial situation.
There are two types of bankruptcy that commonly apply to individuals seeking debt relief. A combination of liquidating non-exempt assets and discharging any remaining debt is handled through the Chapter 7 bankruptcy process. Alternatively; where the debts are able to be paid through restructuring and reorganization of terms over a period of 3 to 5 years, with any remaining debts after that period possibly being eligible for discharge, this would be handled through the Chapter 13 bankruptcy process.
About Regency Legal Group
As negotiators who have been through the bankruptcy process with many clients, we understand the stressful situation you are going through. Bankruptcy can be an opportunity to start over after facing a financial setback, but it is a complicated process requiring legal help. Contact Regency Legal group for a free case evaluation and find out if bankruptcy is right for you.