Debt comes from all corners of life. Often, it’s payment on the interest or a loan that is not related to your current situation. When your financial situation is on the brink, you sell off items or get rid of extra costs–maybe the car that you’re still trying to pay off. Unfortunately, some loans still ask for money even after the collateral is gone.

A recent article in The New York Times explores subprime auto loans with up to 24 percent interest rates. For many in need of transportation, the cars broke down or were repossessed, but that hasn’t stopped payments. When all is said and done, financially struggling households are paying money for cars they don’t have, often in deals that eclipse the original value of the vehicle.

Debt can consume daily life

Not everyone has a subprime loan, but anyone in debt understands how it slowly weighs you down, draining your energy and resources. Instead of funding your daily needs, money has to go to pay outside organizations and it quickly affects more than just a car or mortgage, it affects your insurance, your utility bills, your trips to the grocery store and how you live your life.

Breaking the cycle

While many can pull through a predatory loan, the payments are brutal and take a toll on every facet of your life. When debt is crippling your daily life, a conversation with a bankruptcy attorney may provide insight or options about how to reduce the burden without damaging your reputation or your quality of life. There are many options such as Chapter 7 or Chapter 13 bankruptcy, which provide payment plans, debt relief and a new financial picture.

Bankruptcy is not a last resort, but a potential solution to a difficult situation. It is a legal process designed to help citizens settle financial problems and move forward with a fresh start. Whether it’s a car payment, a cycle of payday loans, medical bills or another form of debt that’s slowing you down, the goal is to end a cycle of borrowing and to get your feet back on the ground.