Debt can quickly take over your life. From exorbitant student loans to a mortgage or maxed-out credit cards, the debt Americans face nowadays can quickly become too much of a burden to handle. Luckily, bankruptcy attorneys are available to help clients determine which debt-relief path works best for their situation.

Often, filing for bankruptcy is the best way to save your financial future if your debts have become unmanageable. Although bankruptcy will show up on your credit report for 10 years, it may be more helpful to your credit down the line than multiple collection suits and late payment reports.

Here are three ways bankruptcy will help relieve your financial burdens:

• Debt Elimination: Filing for Chapter 7 bankruptcy is the best way to eliminate debt you simply cannot pay. You are not required to pay back any unsecured debt; however, any non-exempt assets will be taken and auctioned off to recover a portion of the debt. In the state of Alabama, non-exempt assets can range from your homestead and IRA accounts to a family burial plot and military arms.
• Debt Repayment: If you have a good income and can afford to make payments on the debts you owe, a bankruptcy attorney can file for Chapter 13 bankruptcy. This will not eliminate your debt, but it will allow you to make payments over time through the court system at a reduced rate.
• Professional Counseling: The decision to file for bankruptcy is not an easy one to make. The stresses of looming debt and overdue bills can be overwhelming. Discussing your situation with a professional bankruptcy attorney who has worked with numerous people in similar positions is your best chance at making the right decision.

The bankruptcy attorneys at Pearce Law Firm have over 15 years of experience in bankruptcy law. To speak with a lawyer in their Foley, AL, office, visit their website or call (251) 971-2676 to make an appointment today.