When sources of debt are numerous, consider bankruptcy
If you are buried under unmanageable debts, you may undoubtedly be stressed and scared about the future. Looking at the total amount of money you owe can be extraordinarily overwhelming and knowing where you should begin to deal with that debt can seem impossible.
In this situation, it can be crucial to take a step back, try to relax and remember that you can get help dealing with debt. An attorney can help you figure out your options by taking a look at all the different sources of debt and identifying a relief plan that can help you regain control over your financial situation. Recently, for example, former TV actor and musician David Cassidy opted to file for bankruptcy in order to “reorganize” his financial life.
Cassidy is like so many other people who are dealing with debt in that there is not just one source of his financial troubles. He recently divorced and has struggled with legal troubles and addiction over the years. Reports indicate that he also owes more than $331,000 in credit card debt and loans.
Any one of these issues on its own would be financially difficult, but when they stack up like this, the resulting debt can grow very quickly and get out of control.
Citing his desire to “restructure” his finances, Cassidy has decided to file for bankruptcy protection to help him get out from underneath all his debt.
If you are in a similar situation, you can benefit significantly from discussing your options with someone familiar with debt relief options. In some cases, you can work out repayment plans through Chapter 13 bankruptcy or have unsecured debts discharged by filing for Chapter 7 bankruptcy. By dealing with debt through bankruptcy, you can have an easier time paying off remaining debts and protect your most significant assets like your home and vehicle.
There is no doubt that debt can be very upsetting and scary. However, by reaching out for help and taking steps to deal with that debt, you can get back on track and focus on a brighter financial future.
Source: Xfinity, “David Cassidy Files for Bankruptcy Protection,” Rebecca Macatee and Baker Machado, Feb. 13, 2015