With the way that the world economies have gone of late, many people find themselves in deep financial troubles that may take them down permanently. Debts keep on piling up with seemingly no respite until the individual gives up and runs away. However, help can be found from a bankruptcy attorney who may have some answers to the problem. A bankruptcy lawyer will certainly be able to find a way for the individual to hang on to some assets if possible.
But what makes matters worse for a lot of people is that they keep putting off the inevitable. That is, any payments which should have been made by a certain date are often ignored as if the bill will go away. However, what this does is to put more pressure on the individual since the lending company will now start to add on penalties or extra credit charges making the problem much worse. Then the individual will be faced with constant letters, phone calls or visits from debt collectors until the whole mess ends up in court.
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Another fatal error that people make is to get out more credit cards to pay off existing debts which they have built up. This not only adds to the problem, it also means that they will be paying horrendous credit charges up to thirty percent or more. How could someone get out of this hole unless they have a lot of income coming in the near future?
Of course, the blame could be placed squarely on those companies who hand out credit cards like candy to anyone who applies. However, the individual is not forced into this situation for sure and people must be more disciplined when it comes to debt otherwise they stand to lose everything. The stress that this causes too has made some people go to drastic measures to have some relief from the pressure.
So the first step to get out of this unfortunate situation is to contact a professional who can lead them out of the maze of debt. What they do is to look for solutions so that the individual can salvage something from their hard earned assets.
For example, if the majority of debt is credit card based, they may well be able to have something filed in court called Chapter 7 or Chapter 13. The first allows the individual to have the debt wiped off if certain criteria are followed. A means test is applied and if the income generated is less than the outgoings, taking into account only necessary expenses of course, then the judge may well wipe off the debt completely. If there is any excess of income over expenditure, and the same means test is applied, then an amalgamated debt payment is made in easier installments for the individual to try to clear it. The great thing about this though is that interest is no longer applied. But neither are penalties for late payments which give the individual a chance to catch up at last.
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