If you want to move to the next stage of your financial growth, but find that debt is getting in the way of your progression, you’re not alone. Debt can be a frightening reality for anyone, young or old, rich or poor. No matter how the debt became accumulated or how it becomes out of control, you deserve to have options and solutions to your debt issues. Allowing the problems to mount up over time will leave you feeling worse, with a higher risk of never undoing the damage. If you have accumulated debt over your lifetime, no matter the situation or cause, there are ways to be free of this seemingly inescapable wormhole of financial trouble.
Declaring bankruptcy seems like a drastic measure, but you would be surprised how many eligible citizens there are who don’t take this option. Many people avoid declaring bankruptcy purely because of the stigma behind it; bankruptcy is actually a fantastic way to clear some of your debts and get back on track.
What does bankruptcy actually mean? When you declare bankruptcy, this is usually after a court hearing or debtor’s request. This will be due to insurmountable debt that needs repayment through claiming assets such as housing and other possessions. After a year or so, most of your debt will probably be clear and you can start afresh.
However, if you wish to declare yourself bankrupt, you might be eligible to do so. You do not have to wait for a judge or debtor to take control; you too can declare yourself bankrupt and start the process on your own. You can contact a bankruptcy bureau who will help you with your claim. Eligibility for bankruptcy covers:
The amount of debt you’re in.
How long you have been in debt.
Your assets, such as homeownership, cars, and other possessions.
Your responsibilities such as children.
Attempting To Cancel Your Debt
If you feel you are indebted to an illegal scheme or have been frauded into debt, there is an option to appeal your bankruptcy order or try to have your debt cancelled. This would free you of this heavy responsibility and allow you to move on with your life.
If you feel you have been frauded into debt or your debt has been increased illegally by the debtor, you should speak to professional finance lawyers. There are bureaus which will provide advice pro bono for your claim, or if you can afford it, you can hire a private lawyer. This will aid your knowledge and help you come to a decision about appealing your debt. There may be a long process before your debt is cleared, if this is indeed possible.