Debt Relief Warning signals

Many consumers bury their heads in the sand and pretend that their debt problems will clear up by themselves.  This can only make things worse.  The debt will not clear up by itself and is likely to get worse if there is interest due on the debt.  Some consumers at best merely pay down on the interest without retiring principal on debt obligations.  There are warning signals that alert a consumer that there is a need to explore bankruptcy alternatives.  These signals include an inability of a debtor to meet his or her regular expenses, past due on debt obligations, notice of foreclosure, repossession or threats of repossession, judgments for unpaid bills, garnishment, unpaid utility bills, unpaid medical expenses, credit card bills that are late or go unpaid, using credit cards to meet monthly expenses for food, clothing, gasoline so that cash can be used to pay the minimum payment on the credit card account, taking cash advances from one card to make the payments on cards, checking account that is overdrawn, past due on car loan payments, cancellation of credit by lenders and harassing creditors are just some of the signs of debt problems.  If a consumer is experiencing any of these warning signals, it is a good idea to seek legal help from a Minnesota law firm that can set up an appointment to meet with an experienced Minnesota bankruptcy lawyer who can help evaluate eligibility for bankruptcy.  A debtor can explore potential legal assistance including relief under Chapter 7 or Chapter 13 of the federal bankruptcy law.  Filing a bankruptcy  may be the first step on the way to a new financial beginning for a consumer.

Comments are closed.