Eliminate the debt that is preventing your peace and prosperity.

Hopelessness is a lack of control over one’s progress towards a  goal. Those that perceive their position with regard to a particular goal as hopeless can either give up or discover a way to obtain control over their progress towards that goal. Sometimes it’s okay to give up on a goal, someone who achieves every goal they set out for has likely lived a mediocre life. But before giving up, it’s a good idea to see if a professional may be able to provide a means of obtaining what seemed to be a hopeless goal.

The American Dream to be Debt Free

A common goal for many Americans is to be debt-free, however many obstacles may arise in pursuit of such a goal. A large amount of debt or an excessive interest rate may result in a significant monthly interest payment. Burdensome debts might be serviceable if the interests payments affected the principle, but because they do not, the borrower may find them-self in perpetual debt.

Another common obstacle is unforeseen emergency expenses like a doctor visit or vehicle repair. It doesn’t make sense to save money in a bank that pays 0.5% APR while there is outstanding credit card debt accruing 20% APR. Therefore, people with credit card debt are less likely to save for an unanticipated expense, and much more likely to deal with unanticipated expenses by borrowing more money and plunging further into debt.


Budgeting for a Better Future






Creating a monthly budget allows individuals to determine their financial capacity, which is requisite for financial progress (i.e. prime lending options, mortgages, investments into passive income). Many have no financial capacity, managing an insolvent budget by accumulating an ever-expanding credit card balance while only making the monthly minimum payment. Two ways to cure an insolvent budget is to increase income or reduce expenses, if neither of these solutions are feasible then financial progress is not possible.

Fortunately there is an alternative solution for those that cannot solve their financial burdens by simply earning more or spending less. Chapter 7 Bankruptcy allows those with few possessions that earn less than their state’s median income amount to discharge common types of debt like credit cards, personal loans, and medical bills. Those that earn above their state’s median income or possess significant property will likely need to pay some of their debts back through a Chapter 13 Repayment Plan. For someone to determine if Chapter 7 or 13 Bankruptcy is right for them, they should first consult with a licensed and experienced professional.

Free Consultation

Call our office for a free consultation to determine if Bankruptcy is the solution for you.

Bankruptcy is a technical practice for an experienced debt relief attorney, like those at Smith Law, Ltd. Because there are so many nuances in the application of bankruptcy law, it is inadvisable that an individual not experienced or knowledgeable about Title 11 of the U.S. Code, and how the courts have interpreted those laws, to file bankruptcy without the assistance of counsel.

If you would like to speak to experienced debt relief attorneys, please contact Smith Law, Ltd.

We are a debt relief agency. We help people file for bankruptcy relief.

Smith Law, Ltd.

(217) 345-6222

622 Jackson Avenue

Charleston, IL 61920