People may also undertake second mortgages or withdraw from their retirement account to pay their unsecured debt. In these instances, people are avoiding the inevitable and, unfortunately, just making matters worse. Further, if you’ve missed a mortgage payment or car payment, then you may be looking at a foreclosure or repossession. This is especially true if you’ve missed multiple payments.
Other people decide to enter into consolidation loans with companies that promise to help them with their debt by negotiating with their lenders and paying a monthly payment. What these companies aren’t telling you is that they can’t make every creditor agree to that payment and if you miss a payment, then you’re still liable for that debt and liable to lawsuits and any judgments that are entered.
In the instances above, the longer you wait to file a bankruptcy, the more harm you’re doing to yourself. You’re either paying the wrong creditor back, throwing away good money, or facing to lose valuable assets, such as your home. If you’re facing any of these circumstances, don’t be afraid to call us for a free consultation. You have nothing to lose if you call and can only gain valuable advice.
So, if you’re thinking of filing for bankruptcy, and or if you have questions or are ready to get your life back, reach out to Minnesota’s nicest bankruptcy law firm by going to www.lifebacklaw.com. You won’t regret it!