Most individuals have borrowed money at some point in their lives. For many, it began at an early age, needling parents into making purchases with promises to do chores to “pay them back” after the fact. This type of borrowing didn’t usually involve a written contract or a signed credit application. It simply was – and in many cases – it simply went away. It started with puppy dog eyes, strategic whining, and a bit of flattery. It ended with a parental roll of the eyes, a shake of the head and a promise never to fall into the trap again (a promise that was nearly as empty as the promises made by the child with the puppy dog eyes in the toy aisle).
As grown ups, borrowing gets more intense: credit cards, home loans, auto loans, personal loans, and lines of credit. Sometimes it gets far too intense: credit cards over the limit, late payments, collection agencies and falling credit scores. Individuals who borrow money and cannot meet the agreed upon repayment terms can experience extreme stress, fear, and hopelessness. To address these issues, modern society has an agreed upon set of laws: bankruptcy laws.
Modern bankruptcy laws enable borrowers who simply cannot pay back the debt they owe to their creditors to start over. They have the chance to discharge their mountain of debt through the bankruptcy process. Discharging the debt allows them to start their financial lives fresh without the ever increasing outstanding balances, over limit fees, creditor calls, collection agency letters and calls, etc. The never-ending cycle of overwhelming and impossible debt can be addressed. Simply contact a bankruptcy lawyer and discuss filing for bankruptcy.
Modern day bankruptcy law allows individuals who find themselves in this situation to utilize various solutions (referenced by actual chapters of the bankruptcy code): Chapter 7 and Chapter 13. Contact an expert at Westgate Law today to get an assessment of your situation and how California bankruptcy code could help.