Bills arrive in the mailbox whether you have the money to pay them or not. If you have a stable income, paying the bills usually isn’t a problem as long as you live within your means. However, unforeseen circumstances such as a job layoff, medical crisis or divorce can cause someone who normally pays all of their bills on time to fall behind.
If you are unable to make the minimum payments on your bills, your debts will only grow. With late fees and interest charges adding to your debt, it may become impossible to catch up. After several months of nonpayment, your creditors may send your accounts to a collection agency that could sue you for the balance of your debt. Creditors who win lawsuits are able to garnish wages and seize bank accounts to collect the money owed to them.
Though it is always best to try to avoid being sued by a creditor, there is a solution if it happens to you. By filing Chapter 7 Bankruptcy in Hamilton OH, people with more debt than they can pay are able to stop creditors from garnishing their wages or taking the money in their checking or savings account. Bankruptcy also stops the creditors from making phone calls or sending letters demanding payment.
An attorney can help someone who cannot pay their bills decide whether Chapter 7 Bankruptcy in Hamilton OH is the best way for you to handle your credit problems. There may be other options available to you and you, such as a debt management program, debt settlement or negotiating with creditors. You’ll find out about these options in detail during the mandatory credit counseling sessions you must take part in prior to filing for bankruptcy.
If you decide that bankruptcy is the best choice for you, an attorney can file the paperwork with the court and represent you during the meeting with your creditors. You can expect your lawyer to explain the process of bankruptcy as well as the advantages and disadvantages of legally discharging your debts. Contact Dean Snyder Attorney At Law for more information about how bankruptcy can help you resolve your credit problems.
