Michael J. Logan, Ltd.

Springfield Bankruptcy Blog

Tips for debt solutions after a job loss

After you lose your job, one of your most pressing concerns may be how to make ends meet. After all, you likely have rent or mortgage payments, car payments, credit card bills and...the list goes on.

It can be overwhelming to think about all the debt you must continue to pay down while reeling from your job loss, so here are a few tips to help.

What debts can you eliminate with Chapter 7 bankruptcy?

Is your debt building up and getting unmanageable? If so, you might be considering all your options, including chapter 7 bankruptcy. Filing for bankruptcy is an important life decision that impacts your finances significantly. Due to the weight of this issue, you should understand exactly what chapter 7 bankruptcy can do for you.

If you meet eligibility requirements, you can eliminate most unsecured debts. In certain cases, you can eliminate secured debts. Keep reading for more information about dischargeable debts.

3 benefits of filing for bankruptcy

Every year, millions of American consumers get in over their heads when it comes to debt. While many often associate bankruptcy with spending more money than you have, the reality is that there are many reasons that overwhelming debt may be an issue.

If you have lost a job, been diagnosed with an illness or been through a divorce that set you back financially, bankruptcy may be a viable option for obtaining a fresh start for your financial future. For those who are considering filing for bankruptcy, there are several benefits to consider.

Understanding credit counseling

If you have ever heard of credit counseling, the name might give you some indication what is involved, but you might not fully understand what credit counseling means. Though definitions can vary between providers, it is generally a service that coaches debtors in methods of managing and reducing their debt. By partnering with a counselor, you may be able to tackle some of the financial challenges you are facing. Here are four benefits that can help you better understand what credit counseling is all about.

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