Are you up to your neck in high-interest credit card payments and old medical bills even after taking out a second mortgage on your home?

You don't have to fight the debt collection agencies alone. Here are three things you should know about bankruptcy before you file.

There is credit counseling available

Before filing for bankruptcy, you are required to complete credit counseling with a government-certified agency. But even if you are only considering bankruptcy, it is advisable to visit a credit counselor. They specialize in finding ways to avoid filing bankruptcy if at all possible, including selling off your assets and getting in touch with creditors to work out payment agreements.

There are different types of bankruptcy

Even when it comes to filing for bankruptcy, you have options.

Chapter 7 bankruptcy is better for those who cannot rely on their income to pay off debts and would like to wipe their slate clean and start fresh. Under chapter 7 bankruptcy, all of your assets are liquidated to be distributed among your creditors.

Chapter 13 bankruptcy is for those who have a steady income and just need a break from debt collection agencies while they get their finances under control. Chapter 13 bankruptcy allows you to pay off debts over several years without harassment or lawsuits from debt collection agencies.

You need an attorney

The ins and outs of bankruptcy laws are complex. If you're considering filing for bankruptcy, you need to speak to a lawyer who specializes in consumer protection. They will help you determine if bankruptcy is right for you and walk you through the steps to filing.

While attorney fees might seem like the last thing you want to deal with when you're considering filing for bankruptcy, they'll actually end up costing you much less than the interest and penalities you'll rack up while dealing with debt on your own.

If you're considering filing for bankruptcy, don't hesitate to contact Eason Law Firm, LLC online or at (314) 932-1066 to schedule a free, personal consultation with James himself. Our mission is helping you.