Debt has well and truly become part of the American way as we continue further into the 21st century. As a consequence of this development, it is becoming increasingly more important for consumers to successfully manage and execute the repayment obligations that they have accepted with their creditors. But everywhere you turn, there are enticing offers from credit card companies and other sources that seek to lure you into unfavorable agreements. This is a problem that is compounded when stores offer sales that are designed to bait you into purchases that you would otherwise not make, particularly when a store extends a line of credit.
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Failure to navigate this financial minefield successfully can lead you to the brink of economic ruin, and perhaps beyond it. Buried in the legalese and fine print that these companies expect you not to understand or read are often a plethora of fees and penalties in the event of a late or missed payment. In some cases, these adverse factors may even be instituted, or a customer's interest rates may be raised at the sole discretion of the company and with little or no warning to the consumer.
Coping with Financial Calamities
Sudden and dramatic life events, like a job loss, serious illness, or medical emergency can turn what were once manageable - though barely - debts into a crushing burden. As time passes and collection efforts grow more aggressive and abusive, the stress can cause serious adverse physical and mental health effects and can take a costly toll on your personal relationships as well. Filing for Chapter 7 bankruptcy may be the best option in some cases, as it can put an end to the traumatizing collection efforts and can also serve to legally absolve you of those debts.
Though it is not without some potential drawbacks, Chapter 7 bankruptcy is often worth considering when you find that you are unable to pay for basic living expenses including food, clothing, and rent. After filing, a Trustee will be appointed to catalogue your assets and to direct a sale of some of those assets to the public. The funds received in this sale will then be distributed among your creditors and accepted as if it were payment in full, causing them to permanently cease their attempts to collect from you. Some debts, such as student loans, are not dischargeable. But many, including the following, are:
Credit card debts Medical debts Personal loans Lines of store credit Auto loans Mechanic's liens
Get the Help You Need
To determine what financial options are right for your situation, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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