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Are you among those drowning in debt?

How did this happen? It is a question you likely ask yourself on a daily basis as you struggle to figure out how you are going to pay what you owe. Just when you think you see a light at the end of the tunnel, something else comes along to stretch your budget further.

In addition to the frustration of juggling your finances, you probably struggle with feelings of embarrassment. While you walk through the grocery store counting every penny, other shoppers seem to fill their carts without a thought. People around you behave like they have no cares, and your debt problems consume you.

The nationwide burden of debt

Although it may feel like you are alone in the world, the sad fact is that hundreds of thousands of people in America are struggling right along with you. Many times, a financial crisis is the result of an unforeseen event that tips a delicate balance. Financial advisors urge consumers to prepare for such emergencies, but this is not always possible. For many, the best way to get out from under the burden is to file for bankruptcy.

Some of the most common reasons why people seek debt relieve through bankruptcy include the following:

  • Medical bills: Even those with health insurance are often blindsided by catastrophic injuries, chronic illnesses or serious diseases. In fact, medical debt is the most common reason why people file for bankruptcy.
  • Divorce: After paying legal fees, child support or alimony, you may find your paycheck no longer covers expenses, especially following asset division and the establishment of a second household.
  • Layoff or termination: A job loss can happen suddenly and leave you without income. This may force you to rely on credit cards until you can find work again.
  • Other emergencies: Your insurance may not completely cover damage due to accidents, natural disasters and theft. If this leaves you with no money to replace essential items, your budget may begin to spiral.

Of course, making poor choices when it comes to credit is also a major factor in bankruptcy claims. Many who struggle with uncontrolled spending may have difficulty recovering after a bankruptcy.

Coming up for air

While there may be many reasons why people find themselves in debt, they usually want the same solution: to resolve their financial crisis and return to a normal life. Trying to pay down the debt on your own may seem an overwhelming task, and you may discover you are catching up on one bill only to fall behind on others. The cycle can feel frustrating and demoralizing.

Fortunately, there are options available to help you conquer your debt. You may qualify to have your debts discharged through Chapter 7 bankruptcy or restructured through Chapter 13. Allowing a Florida debt relief lawyer to evaluate your circumstances is the first step toward potentially gaining financial solvency.

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