If you and your spouse got married and started borrowing money for cars, a new home, and other larger expenses and got overwhelmed with debt quickly, you should talk with some financial experts to explore options. Living with the fear that your car is going to get towed away or that your home will be foreclosed can be nerve-wracking, and you may qualify for bankruptcy.

The banks may not be willing to work with you for a consolidation loan or home equity loan because you have so much debt you aren't managing well right now and because you can't pay your bills on time. Here are things to consider to get relief and to get on a better path to a more affordable future.

Meet with an Attorney

A bankruptcy attorney looks at bankruptcy cases every day. They should be able to do an evaluation of your current financial status, look at your income and the equity available in your assets, and determine if bankruptcy works for you.

A Chapter 7 bankruptcy would mean that you have to lose your home and assets, but that you would be cleared of all your debts. This would stay on your credit for 7 years and is a last resort option. Chapter 13 bankruptcy may be more realistic for your case. This is where the courts can help you achieve the bankruptcy you need.

Use the Court to Your Benefit  

With the court approving your application for a Chapter 13 bankruptcy, you will be able to consolidate your debts through the court system and pay them back with one monthly payment. You may be able to keep your house or other assets, depending on what your lawyer is able to negotiate with the court system. This is still a form of bankruptcy, but the bills will get settled and paid off.

Your lawyer may think that they have a bank or financial institution that can work a refinance loan instead of file for bankruptcy, depending on your case and credit. You will want to explore all options and filing for bankruptcy without an attorney isn't recommended. You need the application to be flawless, and a legal professional is the best help that you can get. If you and your spouse are running out of time and money and you are worried that you're going to lose everything that you have, get a consultation with a Chapter 13 bankruptcy lawyer right away.