Free Consultations & We're Available 24/7

video appearances



Tom is the best lawyer out there across the board. He will get you the best result possible for your situation. He will advocate for you to ensure the BEST outcome.

Lauren Fawcett

Get In Touch

When Out Of Money What To Do

Being in debt, or at the door steps of bankruptcy is one of the worst things possible. When you’re in debt, you’re generally in a poor state of mind, and in distress. When this happens, you’ve got few options. If you have little to no money, and have to pay bills immediately, sometimes desperate measures are needed. For example, we’ve heard of clients taking out title loans, because they were too far in debt, and had to pay bills immediately. Because they couldn’t get a loan any other way, they gave their cars title as collateral, and took a loan based on that! We were told of this by our partner, Andrew, who works at Title Loans 365, in Las Vegas.  He mentioned that recently a client had come to him, and had no money at all, but needed to pay his electricity bill, or otherwise the home would get it’s electricity turned off. Andrew was able to use the value of the car, as the basis of the loan, and held on to the title of the vehicle. It’s definitely an interesting way of being able to pay your short term committments, and create some breathing room until you figure out your next steps.

Unvariabely, most of the time we find that if an individual is this desperate and in need of money, they probably need to consider bankruptcy. With chapter 7 or 13 bankruptcy protection, an individual has enough time to breath, and be able to reorganize his life in a manner that allows him to figure out next steps. Very often, we find this is the best way of creating a long term solution, in order to resolve your debt issues.

Chapter 7 bankruptcy is usually quicker than Chapter 17, and those in debt can keep all/most of their property. In addition, Chapter 7 filers don’t need to pay back a portion of their debts, just like in Chapter 13. The issue is, not everyone qualifies for Chapter 7. Typical Chapter 7 bankruptcy cases are opened and closed within 3 to 6 months. The person generally emerges debt-free, except for their mortgage, car payments, and certain other debts like a student loan or taxes. The goal of bankruptcy is to allow you to keep your necessities, while shedding excess things that are causing you to go into debt.

Generally, if your income is on the higher end, you might fall into Chapter 13, which requires a repayment plan. Generally speaking, Chapter 7 is more desirable than Chapter 13, since you’re able to shed more of your financial debt.

About The Author

Jason Nathane is a writer for, the premier Florida bankruptcy law firm, with over 10 years of experience, helping people get out of debt.