In today's climate of recession and overwhelming debt burdens, many people are suffering at the hands of greedy banks and lending institutions. For many contacting a bankruptcy lawyer would seem to be the only way out of an ever deepening hole. But there are other ways to get around the problem. To stop foreclosure on your premises you would need to contact an experienced professional to steer the way through these troubled times.
When someone is threatening repossession of hard earned assets, the only way to deal with it is head on. The professional will stop all proceedings immediately by filing a motion in court. This allows enough time to get any finances sorted out and get rid of the problem permanently. But the key is not to allow the problem to simmer. Always work as fast as possible to get all the information to the professional and let him take over the burden of worrying.
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Many creditors operate on harassing the poor debtor who may have fallen on bad times. Perhaps the employment situation has gotten worse, maybe someone has had an unfortunate and costly accident, or it just may be that the debt is rising faster than the debtor can pay it off. Whichever reason it is, the situation will only get worse if the debtor does not take matters in hand and try to deal with the problem.
First and foremost the debtor should talk to the bank or lending institution and explain the situation very clearly. Sometimes it is possible to restructure the debt to allow the debtor to pay lesser premiums over an extended period of time. Maybe the bank or lending institution will accept minimum payments for some time to allow the debtor to regain confidence and to ease the stress load. Even credit card bills can be restructured to allow some breathing space but this has to be done prior to the creditors taking action.
Secondly, get rid of any unwanted debt. This may not sound easy but sitting down together as a family and working out the difference between 'wants' and 'needs' is a good start. Are those tennis lessons really necessary? What about the coffee and breakfast bought on the way to work? Does the family really need more than one car etc. In other words, when times are tough, tough measures are needed to get from under the burden that is becoming increasingly heavier to bear.
Most people will find that cuts and shortcuts in the normal daily routine will benefit everyone in the long run. It is not always necessary to find extra work which is tough enough even in the best of times. Tightening belts and slimming down on luxuries like eating out are very easy ways to trim the budget.
When all else fails, and it very often does if the debtor does not take action, seek legal advice as soon as possible to avoid losing the biggest asset that most people have, that is the home that they live in.
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