How to Avoid Drowning in Debt and Going Bankrupt

With the ongoing worldwide recession, people are finding themselves being drowned in debt which is making more and more people homeless by the day. Whenever foreclosure is threatened particularly in Florida, it is absolutely imperative that a Tampa bankruptcy attorney is called in to give expert advice. Tampa bankruptcy lawyers will know the way to protect individuals and families from ending up in a financial hole so big that they will never be able to get out of it.

How do people end up with so much debt that they cannot manage to pay anymore? The answer to that one is very simple. With credit cards being handed out like candy, many people start playing the 'credit card shuffle'. They buy things that they just cannot afford and stick it on the credit card bill knowing that the payment will be deferred for some time down the line. Then a financial squeeze happens and people start borrowing from one card to pay another.

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Usually these cards are only being paid off at the minimum rate per month anyway so the debt is actually growing faster than it is being paid off. Interest rates on credit cards are vast compared to other lending institutions but most people do not see this when they sign up on the dotted line. Levels of credit are also easily raised and it is far too tempting for people just to keep pushing up the limits that they can borrow.

The end result is that people who have a limit of a few thousand often end up owing tens of thousands in the long run. This then adds to the debt burden to the point where the mortgage is not being paid. Very often, people will feel totally out of control and will be too scared to be honest with them selves about exactly how much money they owe. They keep up appearances so that the kids or neighbors do not realize that there is a problem until the burden gets too big to carry.

This is when some people either give up their life and run, or they turn to a professional to come in and help them deal with the problems.

Some people have filed for Chapter 13 or Chapter 7 but these laws are being restructured to lock out the unprincipled debtor who looks to these rules to escape paying their debts. In future, the means tests for these types of offenders are becoming much stricter and many will find it impossible to get relief from their debt.

It is perhaps a sad state of affairs when people cannot control their spending and extravagant lifestyles to sort out their own lives. They would rather put the creditor in a hole and walk away. Of course, this does not apply to all those with huge debts but it has crossed the minds of many. This, however, is not the moral route to take since punishing others for the family debt is perhaps a rather low road to be taking at the best of times!

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