People usually wait too long to file for bankruptcy because it is such a difficult decision. However, debt does not go away on its own. With time your debt will only get worse and the stress you are experiencing will wear on your health. Not to mention, creditors will continue to harass you, the risk of wage garnishment, and the risk of repossession or foreclosure will increase. Sometimes, the realization that Bankruptcy is the way out comes as a last resort, a desperate measure. Ultimately, it could be a lawsuit or a writ of garnishment that puts you over the edge. In this case, you have waited too long.
It is very common for debtors to find ways to pay off their creditors in order to avoid bankruptcy. Unfortunately, it ends up costing them more money than it would be speaking to an attorney. The following is a list of common mistakes debtors should avoid doing:
- Taking money out of retirement programs to pay unsecured debt;
- Borrowing money from banks, taking out cash advances from credit cards, dealing with payday lenders;
- Selling real estate or other assets;
- Transferring property to friends or family members;
- Borrowing money from friends and family;
- Drawing down their bank accounts to pay dischargeable debt;
- Getting sued, or garnished or attached;
- Dealing with unpleasant phone calls, nasty letters and stress.
If you are currently making any of these mistakes, you should contact a bankruptcy attorney immediately. The Wright law Offices with an office located in Avondale will provide you with expert legal knowledge to get you out of debt and a fresh start in life.
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