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Consumer Debts

Consumer Debts

The Federal Reserve estimates the amount of consumer debt in the United States is close to $2.5 trillion dollars which they estimate is nearly $8,100 for every person who lives in the United States. This amount does not include Secured Debt such as the value of home mortgages. Credit card debt is the most common type of consumer debt in the United States, and the United States Census Bureau estimates in 2010 there are approximately 181 million credit card holders in the United States. Car loans are also considered consumer debt because the car will depreciate over the life-time of the loan period.

Filing Bankruptcy may discharge a debtor from the obligation to repay certain types of debts, and the creditors may be legally barred from continuing their debt collection efforts which can include harassing telephone calls, personal contact and letters. The time taken to discharge the debt will vary depending on the type of bankruptcy filed. Chapter 7 Bankruptcy generally allows for the immediate discharge of debt after the time for filing a complaint has expired. Debts are not discharged under Chapter 13 Bankruptcy until the debtor completes their payments under the debt repayment schedule and the court grants the discharge.

More Help on Consumer Debts

  • Secured Debt - Secured debt is any type of debt which is backed by collateral or something of value which can guarantee the secured lender that the amount of the loan can be repaid or the item of value can be repossessed to pay the loan. - read more

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Chapter 7 and Chapter 13 Bankruptcy Help

The two most common consumer bankruptcies are Chapter 7 and Chapter 13, our sponsoring lawyers handle these types exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Our Bankruptcy attorneys will fight to protect your rights and your property, fight the aggressive and annoying creditors for you, and they can help you keep your home, vehicles and other property.

A lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.

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