Living in debt is not something you probably planned to do. Whether it was caused by overspending, losing your job, or medical expenses, debt may have snuck up on you and resulted in the situation you currently are in. When you're in a high amount of debt, you have a few options.
One option is to pay that debt off. You can start doing this with a financial budget. Start by paying for your necessities, then pay your legal obligations. With the money that is left over, start paying down your other debts, starting with those that have the highest interest rates. This will save you money in the long run, since the higher the interest rate, the more you'll end up owing.
After you pay off debts with high interest rates, work on those such as your deferred loans. When your other debts are under control, it's easier for you to start putting more money into paying down your student loans or other kinds of deferred payments.
If after taking these steps, you're still struggling and aren't able to meet your monthly obligations, you can negotiate with your creditors. You may be able to get a lower monthly payment or work to have your total amount owed reduced.
Our website has more information on debt management and what to do if you want to reduce your debts. You have a few choices to consider before you decide if bankruptcy is an option you want to take. If it is, we can help you file your petition for bankruptcy with the court.