Friday, October 3, 2014, AM | Leave Comment
Constant calls from bill collectors are aggravating; it’s enough to make you want to change your phone number. Getting the mail each day is also a source of anxiety if creditors are hounding you. You can request they stop calling you, but this won’t stop your creditors from trying to collect the debt.
If a temporary problem caused you to miss payments and you believe your financial situation will improve soon, talk to your creditors about payment arrangements that will stop the calls and bring your account current.
If you don’t see your situation improving or your creditors are threatening repossession, wage garnishment or foreclosure, see a bankruptcy attorney as quickly as possible.
Creditors have a right to take back financed property, such as your vehicle, when you are late with the payments. Even if you don’t want the vehicle anymore, letting your creditor repossess it is not a good idea.
They will sell your car, usually at an auction for very little money, and then come after you for the balance owed on the loan.
Your creditor can still sue you for the balance owed after they repossess your property.
Bankruptcy may stop repossession so consult a bankruptcy attorney immediately instead of letting your creditor take back your property.
Bankruptcy is tempting when creditors threaten to garnish your wages. You worry about losing some of your income or losing your job because your boss does not want to deal with the added paperwork.
Having your wages garnished would put you in a worse spot than you are in now, making it impossible for you to ever get back on your feet.
If creditors threaten to garnish your wages, make an appointment with a bankruptcy attorney. In most states, filing bankruptcy puts an immediate stop to threats of wage garnishment.
Foreclosure on you home can be an absolute nightmare. To avoid going down this road you do have the option to file for Chapter 13 bankruptcy.
If successful you may be able to keep you home in the midst of a financial crisis.
A chapter 13 bankruptcy lets you pay off the “arrearage” so you stay in your home and make new loan arrangements to bring your mortgage loan current.
If you cannot make the new mortgage payments, you can use the extra time to make other housing arrangements.
Remember that a chapter 7 bankruptcy cannot help you cancel a foreclosure so have that in mind when consulting with a professional.
Consult an attorney, like those from Exelby & Partners Ltd, to talk about bankruptcy when creditors threaten you with repossession, wage garnishment or foreclosure; don’t wait until they take these actions.
Sometimes, bankruptcy is the only way for you to stop creditors from hounding you. Only an attorney in your state, who is familiar with your state’s bankruptcy laws, is qualified to help you decide if bankruptcy is the right choice for you.Facebook.com/doable.finance