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Bankruptcy and Your Family: How Your Debt Could Be Affecting Your Loved Ones

When you are in debt, you are not the only one affected. Your family can feel the effects of debt just as much as you—and with less ability to do anything about it. Imagine as a child being told suddenly you have to move from the only home you have even known.Many of us remember our childhood as a safe, happy place. The idea that any minute you could lose your home could take away that safe feeling for your children—and for you. What if your income is suffering from a wage garnishment? This reduces your ability to take care the basic needs of your family. How will you put food on the table? You’re your car payment? What if it’s repossessed? Will you then lose your job? Debt can also have an adverse affect on your marriage. Money is the number one cause of marital problems, leaving many couples to become part of the growing divorce rate.

Luckily, there is help available for you and your family. Missouri and Illinois bankruptcy lawyers know the effects of debt on your loved ones. They also know that hard times can fall on anyone and it is whether you decide to take action or not that makes the difference. Doing nothing changes nothing. If you could ease your child’s fears by protecting your home from foreclosure or calm your spouse by eliminating your wage garnishment and the debt problems causing stress, wouldn’t you? This must be why more and more people are regarding bankruptcy as a responsible decision made by people who are truly willing to take care of their families.

So, what can bankruptcy do to help you take responsibility for your family? Chapter 13 bankruptcy provides protection from foreclosure and lets you reorganize your debt into one low monthly payment. Since Chapter 13 bankruptcy is a federal law, it leaves your creditors powerless and, 99% of the time, they must accept less money over a 3 to 5 year period and it stops most interest and penalties. It also stops creditors from making harassing phone calls to your home and stops them from taking money out of your paycheck so you can afford to keep your family safe and sound.

Wondering if Missouri or Illinois Chapter 13 bankruptcy is right for you? Request a free copy of my ultimate Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” It may just have the very information you need to take responsibility for your family and make them a new life.

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