Are you struggling under a mountain of debt? You're not alone. According to Ramsey Solutions, the average American adult owes a staggering $66,772, and that number continues to grow. Rising interest rates, inflation, and stagnant wages can make even the most manageable debt feel overwhelming.

However, there is hope.  Bankruptcy may be a scary word, but it's a powerful tool designed to give you a fresh financial start. Here's how understanding average debt and bankruptcy can help you get back on your feet:

The Burden of Debt

The average debt statistic is just that - an average.  Many people carry a much heavier load. Medical bills, student loans, credit cards, and even auto loans can quickly spiral out of control. This constant state of financial stress can have a significant impact on your physical and mental well-being.

What is Bankruptcy?

Bankruptcy is a legal process that allows you to discharge or restructure your debt. There are two main types: Chapter 7 and Chapter 13.

Chapter 7: This option allows you to eliminate most of your unsecured debts, such as credit cards and medical bills. While some assets may be liquidated to pay creditors, most people can keep their essential belongings like their car and house (with limitations).

Chapter 13: This option creates a court-ordered repayment plan that allows you to catch up on missed payments and pay off your debts over a period of 3-5 years.

Our website has a wealth of information detailing Chapter 7 and Chapter 13 bankruptcy. Additionally, our experienced attorneys are available to discuss your unique financial situation and recommend the best course of action.

How Can a Bankruptcy Attorney Help?

Bankruptcy laws are complex, and the best option for you depends on your specific financial circumstances.  A qualified bankruptcy attorney can:

Review your financial situation: They will analyze your income, expenses, assets, and debts to determine the best course of action.

Help you choose the right Chapter: Not everyone qualifies for Chapter 7. Your Castle Law attorney will guide you through the pros and cons of each option.

Navigate the legal process: There's a lot of paperwork involved in bankruptcy. Your attorney will handle the legal filings and ensure everything is done correctly.

Communicate with creditors: Dealing with creditors can be stressful. Your attorney will handle all communication on your behalf, protecting you from harassment.

Don't Wait Until You're Overwhelmed

Bankruptcy isn't a sign of failure; it's a chance to rebuild your financial future.  If you're struggling with debt, don't wait until you're drowning. Contact our bankruptcy hotline at (816) 842-6200 or click here to get started.

Jason C. Amerine
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President and Owner, Castle Law Office of Kansas City
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