When Debt Feels Like Drowning: Understanding Bankruptcy as a Way Out

“I Just Couldn’t Keep Up Anymore…”

It doesn’t happen all at once.

First, it’s a missed payment. Then the credit cards max out. The car breaks down, medical bills pile up, or a job suddenly disappears.

You tell yourself you’ll catch up next month, but next month never comes. The phone keeps ringing. Your mail starts to feel like a threat. You can’t sleep. You feel like you’re drowning, and no one is offering a lifeline.

But what if there was one?

Overwhelmed by debt? You're not alone. Many people face financial stress before finding relief through bankruptcy.

Bankruptcy is not the end. It’s the way out. It’s a legal lifeline designed to help you breathe again, protect what you have, and rebuild on your terms.

What Bankruptcy Really Means

Bankruptcy isn’t about losing everything. It’s about creating a space to breathe. It's a legal process that allows people who are struggling with debt to either eliminate or reorganize what they owe with the protection of the court.

It stops collection calls, wage garnishments, foreclosure threats, and the constant fear of what’s next.

Instead of staying stuck in survival mode, bankruptcy gives you a structured, lawful way to move forward.

Bankruptcy offers more than relief—it provides structure and a new beginning. Speaking with a knowledgeable attorney can make all the difference in this process.

Why People File for Bankruptcy

Most people who file never imagined they would. But life happens, and it doesn’t always go according to plan.

Bankruptcy is often the result of things like:

• A sudden job loss or reduction in income

• Medical emergencies and unexpected bills

• A divorce or separation

• Business failure

• Unmanageable credit card or loan debt

In fact, according to a 2023 KFF Health Care Debt Survey, nearly 2 out of 3 U.S. adults say they would struggle to cover an unexpected $500 medical bill. For many, a single emergency can trigger a financial spiral that leads to bankruptcy.

It’s not a reflection of your character.

It’s a response to circumstances that got out of control.

Medical debt, job loss, or family changes can push anyone into financial hardship.

Two Common Paths: Chapter 7 and Chapter 13

When people think of bankruptcy, they’re usually talking about

Chapter 7 or Chapter 13.

Both are designed to help, but in different ways.

Chapter 7 Bankruptcy

Chapter 7 is for people who don’t have the means to repay their debt. It’s often called “liquidation,” but most people who qualify don’t lose their belongings.

It wipes out most unsecured debt—like credit cards, personal loans, and medical bills—within a few months.

Chapter 13 Bankruptcy

Chapter 13 is for those who still have income and want to catch up on certain payments, like a mortgage or car loan. It allows you to create a repayment plan over 3 to 5 years, protecting your home and assets while you get back on your feet.

Chapter 7 can eliminate debt quickly. Chapter 13 helps you repay over time while keeping your property. Call us today to evaluate your options further.

Is Bankruptcy Right for You?

It might be, if:

• You’ve fallen behind on credit card or loan payments

• You’re facing foreclosure or repossession

• Collectors are calling daily

• You’re using one card to pay off another

• Your financial stress is affecting your health or relationships

  
  

A consultation with a bankruptcy attorney can help you understand your options and decide what makes the most sense for your situation.

You Deserve a Fresh Start

At Murray Law Firm, we don’t judge. We listen. We explain. And we walk with you through the entire process. Bankruptcy isn’t about giving up—it’s about taking charge of your future.

Let's Talk

If you're feeling overwhelmed, know that you're not alone—and that you do have options.

📅 Book a confidential consultation today → Book Now

📞 Or call us directly at (978) 579-9800