Man Becomes Debt Free After Big Win in Kentucky Lottery

On February 9, Charles Stallard’s life changed after scratching off a $5 lottery ticket to reveal he won not only $3,000 – but 50x that amount. After taxes, his win came out to $108,000, which he used to pay off his house. With this win, he became part of the minority of Americans (23%) who consider themselves debt free. The odds of this type of win are low, however, a big win is not the only way to become debt free.

Americans Are Facing Massive Amounts of Debt

Over half of Americans are in some type of Debt. In fact, the overall household debt in the United States for 2023 was well into the trillions for credit cards, mortgages, auto loans, and student loans.

How Bankruptcy Can Help

Bankruptcy can help by wiping out or reorganizing your debts. A chapter 7 bankruptcy, or a liquidation bankruptcy. can wipe out your debts, leaving you without debt in a matter of months. This is often the best option if you don’t have many assets in your name that you are wanting to keep. A chapter 13 bankruptcy reorganizes your debt and makes it easier to pay off as it becomes one payment to your trustee that you make over a couple of years. The trustee then distributes that payment to your creditors. Once you are discharged you will be free from debt. If you are wanting to keep a house that is in your name, this may be the best option.

Let us Help you Become Debt Free!

If you are one of the many Americans who are in debt and don’t want to rely on chance to fix your financial problems, bankruptcy may be the best move for you. Contact us today at The Law Offices of Dax J. Miller to schedule your free phone consultation!