It starts with a small credit card purchase, maybe to buy a minor but necessary item at the grocery store, and before you know it, things get out of control. Maybe you only purchased necessities. Maybe you bought electronics or beauty products you didn’t actually require. No matter how it happened, once you’re in a deep hole of credit card debt, it will be very hard to climb back out of it.

At the Cohen Law Firm in Fort Lauderdale, we speak to Florida residents every single day who have fallen into an out-of-control debt spiral. The first thing we try to assure our clients in these instances is that anyone can fall into debt trouble — and it is not necessarily a reflection of your financial success. Indeed, emergency situations can happen, or jobs can get lost, and once your savings run dry, you may not have a choice but to turn to the little plastic cards in your wallet.

Simply easing our clients’ “debt guilt,” however, is not enough. Next, it’s time to take swift and immediate action to ensure that the debt problem doesn’t get worse than it already is. Depending on the amount and type of debt our client has accrued, we may recommend bankruptcy proceedings — either Chapter 7 or Chapter 13.

Chapter 7 bankruptcy involves the liquidation of personal assets for the purpose of paying off creditors with the proceeds. Any debts left over after liquidation will then be resolved. Not everyone will¬†qualify for Chapter 7, however, and not everyone wants to. In some cases, it’s more appropriate to file for Chapter 13, which involves the re-organization of debt and a court-approved pay-off plan that lasts for three or five years.

At the Cohen Law Firm, we have lawyers on staff to talk to you about your debt problems. We will review your situation and recommend an appropriate strategy to help you get out of any kind of debt snowball — no matter how large it has become.