If you were not aware, the week of October 3-10 is National Financial Planning Week in the U.S. www.foxbusiness.com reports that financial planners throughout the U.S. are offering free advice on how you can pay down your debt, create a workable budget and plan your future economic goals; that is, get your financial house in order. The federal government also can help with financial literacy programs available in print and in podcasts; check out www.usa.gov.

The attorneys from Jacoby Meyers Bankruptcy Law want you to know a few basic facts about your debt and, more importantly, how to free yourself from that debt. First, getting a loan does not pay off your debt, it just restructures it. Occasionally, a debt consolidation loan may work because it allows you to pay off your loans over a period of time by making smaller monthly payments, thus freeing up some cash in your budget. This may help you pay your bills on time, building up your credit scores; however, you will usually end up paying a lot of interest, still another expense.

The other very real problem with this type of loan is that you may have a difficult time finding a lender who will take on your outstanding debts. Often, this type of loan only works if you roll your credit card debt (revolving debt) into a cash-out mortgage, says Don Taylor, Ph.D., writing for www.bankrate.com.

The best way for you to rid yourself of past debt and see your way to a brighter financial future is to file Chapter 7 or Chapter 13 bankruptcy, with the assistance of a knowledgeable and understanding lawyer from Jacoby Meyers Bankruptcy Law. We will help you decide if filing bankruptcy is right for you with an initial complimentary assessment.

A Chapter 7 bankruptcy remains on your credit report for 10 years, a Chapter 13 for seven years. With a Chapter 7 bankruptcy, the court has the ability to dismiss all eligible debts. With a Chapter 13 bankruptcy, the filer commits to a court-approved repayment plan that will, at least partially, repay some of the debts. Bankruptcy filing also requires that the debtor receive credit counseling, something many people need whether or not they decide to file bankruptcy.

The key to regaining your financial security is rebuilding and establishing a good credit standing. This can be done by living within your means, spending less than you make and putting aside money in an emergency fund. For more information on regaining your financial stability, please call 800-260-1402 to arrange your initial free consultation.

We have helped over 100,000 clients; we may be able to help you, too.