People can find themselves in dire financial straits for any number of reasons. The problem may be due to living beyond their means, unexpected medical expenses, or a sudden job loss. Whatever the reason, attempting to regain control of the finances is not always easy. There are times when the most practical solution is to talk with a Chapter 7 Attorney in Defiance Ohio. Here are a few examples of when the time has come to make that call.
Accounts are About to Fall in Arrears
Up to this point, the debtor has been able to scrape together at least enough to make minimum payments on all the debts. The problem is that what little financial reserves were in place are about to run out. Next month, making even minimum payments will not be possible. Rather than running the risk of incurring late fees and causing further damage to the credit score, now would be a good time to talk with a Chapter 7 Attorney in Defiance Ohio and find out if bankruptcy is an option.
Uncooperative Creditors
While some creditors are willing to freeze accounts and work with debtors to develop alternative payment arrangements, others are not. When it seems as if no one wants to work with the debtor and insists the original agreements must remain place, seeking legal counsel is the only smart move to make. Depending on factors like income level and the total amount owed, there is a good chance that seeking bankruptcy protection will be the only way to regain control of the finances and have the chance to start over.
Back Taxes
In an attempt to cover those medical bills, the decision was made to not pay taxes for a time. Now there is still a mountain of debt to pay and the revenue agency is making noises about paying the debt or else. Knowing that taxes are rarely bundled into bankruptcy actions, the only practical avenue is to seek bankruptcy protection that will settle all the other debts. At that point, it may be possible to have the money on hand to set up a payment plan with the agency and begin whittling away on those back taxes.
For people who see no way to honor their debts, visit Jamesehitchcock.com today and setup a consultation. Doing so will be the first step in getting the fresh start that the debtor desires.
