As the nation works to figure out its debt crisis, the government is also facing the fact that it may not be able to pay all the bills come August. If Congress doesn’t raise the debt ceiling, cuts will have to follow – and some might be drastic, including pay for federal employees, grant funding, federal court costs, law enforcement, and housing assistance.

Even if they do raise the debt ceiling and are able to pay the bills, they will be doing so on borrowed money and most likely will not address one of the foundational problems with the crisis – that the government is spending more money than it has in its account.

Sadly, if you are struggling with debt, you don’t have the same options. You can’t simply raise your debt ceiling when you want to spend more on credit. If you don’t pay your creditors back they will harass you. You can’t ask for tax money from neighboring households to cover costs. And you can’t spend all your time each day just trying to get by and avoid default.

What can you do? You can get help through Chapter 7 or Chapter 13 bankruptcy. If you are in a copious amount of debt, credit collectors are harassing you, or you are being threatened with a lawsuit, you should call a top liquidation lawyer Memphis, TN has to offer for further advice. Even though bankruptcy might sound like a scary option, it can be perfect for folks who are overwhelmed with debt. It can give you a fresh start so that you can pay your bills, stop the harassing phone calls, and get your financial life in order.

If all the talk about debt these days has you thinking about your own debt, we can discuss your options with you for free. We’re here to help. And while we can’t raise your debt ceiling, we can certainly help you figure out how to move forward.