Not all debts are created equal, and it is important that you recognize which of your debts should be prioritized when you are facing financial hardship and are unable to make all payments in full from month to month. For the most part, your high priority debts are those which are secured by real property, or collateral. Should you fail to make payments on these debts, you will likely be forced to surrender the property secured against the loan.
If you are having a difficult time paying your debts during a period of financial stress, it may become necessary to consider bankruptcy. The experienced Houston bankruptcy attorneys at the Law Office of Russel Van Beustring, P.C. can help you get out from under your debt. Call today at 713-973-6650 to learn more about how bankruptcy court can work for you.
Your Essential Debts
When prioritizing your debts, there are certain ones which you should always pay before addressing things such as department store or credit card debt. The following debts should be considered top priority:
- Child support
- All other secured loans
When these essential debts have been addressed fully you can then consider paying off non-essential debts such as credit cards, personal loans, and other non-secured debts.
If you have become overwhelmed by your debt and see no way of paying it off under your current circumstances, the experienced Houston bankruptcy lawyers at the Russell Van Beustring P.C. can help. Call today at 713-973-6650 for a free consultation to discuss your financial concerns.