For Many, Debt Problems Stem From Many Sources
The reasons you have found yourself in debt may be triple-fold. For many consumers and debtors, trouble starts when hours are cut at work, or you may have been laid off altogether. This can be devastating in many ways, from trying to adjust to the loss of a career to trying to keep your life afloat with no income. Unfortunately, there may be other serious life issues occurring simultaneously, such as a divorce or an illness. Similarly, student loans may have become so burdensome that they are completely interfering with your household budget, as well as any chances you may have to finally get ahead. This is exacerbated if you have just graduated from a four-year college or graduate school and are hoping to get your life started.
Debt may have gained a hold on your finances, with credit cards playing a large role throughout the process, or in becoming an emergency source of income once you lost your job or began to go bankrupt due to medical bills. The problem with credit cards is that they can be extremely tempting—and as a source of income, they dwindle exceedingly fast! Along with that comes interest, fees, and creditors and debt collection agencies that will become aggressive when not paid. Challenges may be greater too if you have a spouse who may be unemployed, overspending—along with dependents who have many basic needs to be met but may also need to learn about budgeting in hard times if you are suddenly having to say no a lot more than before.
Unfortunately, before you can get make a solid plan and get your finances back on track, you may find you are already being sued. Creditors are only sympathetic to your financial stress for so long (or if at all) and they may have sold your debt off for pennies on the dollar to a debt collections agency intent on seeing even the smallest return on their investment; however, keep in mind that even at the last minute you may be able to negotiate a settlement at a surprisingly discounted rate. And although you may be able to reverse a court judgment, it is much better to head such situations off at the pass before they get that far. Resist the temptation to procrastinate or hide from financial problems, and act as soon as possible so that you can avoid losing pay (which could be garnished for up to 25 percent of your disposable income) or your property or even access to your own financial accounts.
If you are finding it difficult to pay your bills, or are being sued, or have judgments granted against you, contact us at Fitzgerald & Campbell, APLC. We can review your current situation and discuss your options with you, whether that means fighting in court, negotiating a settlement, filing for bankruptcy, or more. Our attorneys have decades of experience representing clients in all types of financial matters, and we are here to help you! Call us today for a free consultation at (855) 709-5788 or email us at firstname.lastname@example.org.
Posted in: Judgments