Urgent Alert for Businesses: Avoid Penalties, Stay Compliant with New Corporate Transparency Act
BOZEMAN OFFICE 406-582-8822 HELENA OFFICE 406-449-4829
Urgent Alert for Businesses: Avoid Penalties, Stay Compliant with New Corporate Transparency Act


What Are My Options If I Owe Significant Debt?

Posted on July 30th, 2021

Bankruptcy Attorney

When debt is anticipated, it can be something that you plan for. If you know you are going to make a big purchase, you can plan out how you are going to make the credit card payments over time to cover the costs. However, you can’t plan for everything. An unexpected medical emergency can cost thousands, if not hundreds of thousands, of dollars. The bills all come at once, making it impossible to pay off. Pretty soon collectors are calling you, which can be quite intimidating. You may feel like no matter what you do, you are going to be stuck in an endless cycle of debt, but it doesn’t have to be that way. You have options to get back on your feet and start working towards a debt free future. 

Debt Consolidation | Debt consolidation involves taking multiple debts that you owe and combining them into one monthly payment by either starting a new loan or by using equity in something you own such as a house. This option may allow you to pay less and/or for a shorter period of time than you would paying several different payments. People often use this option to consolidate their student loans, credit card debt, or personal loans. 

Debt Settlement | The idea of debt settlement is to negotiate with the debt collector to pay a percentage of what is owed. This can be achieved one of two ways. You can either negotiate directly with the collector, or you can hire an accredited debt settlement company or licensed attorney to set up a program on your behalf. 

Bankruptcy | Filing for bankruptcy can be very effective if you owe a lot of debt and have no feasible way of paying it off in the near future. There are two types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy requires you to liquidate some of your assets to pay off your debt. If you file for Chapter 13, you keep your assets, but agree to a plan of paying off a portion of your debt over a certain period of time. If you are successful, then your remaining debt is discharged upon completion. 

All of these options have pros and cons so it is important to understand which form of debt relief is best for your circumstance. Talking to a trusted bankruptcy attorney from a firm like Law Offices of Ronald I. Chorches can help you evaluate your financial status so that you can make an informed decision. An attorney will review your finances and talk with you to understand your goals. They can advise you on what your best path of recourse is so that you can be debt free once again.


Fill out the form below to get in touch with our legal team or call Bozeman office at (406) 582-8822 or our Helena office at (406) 449-4829 to talk to someone right away.

Silverman Law Office - Bozeman

504 W. Main St.

Bozeman, MT 59715

Get Directions

Silverman Law Office - Helena

2620 Colonial Drive

Helena, MT 59601

Get Directions