Poor financial management skills nearly always lead to debt problems. Unfortunately, many people who lack the basic skills to develop and maintain a budget don’t realize they have a problem until they are deep in debt and facing collection action. Wage garnishment, a tax lien and constant phone calls regarding the bills are common when debt goes unpaid. Without the money to pay the bills, people in this situation need to quickly learn about their options.
When the situation is extreme, such as if the creditor has filed legal action and received an order to garnish their customer’s wages, consulting with a Bankruptcy Lawyer St. Charles MO residents turn to most when they have debt problems might be a wise decision. An attorney could explain a debtor’s rights in these situations and advice a potential client on the best way to handle their debt.
Depending on the amount of income and assets a person has, a Bankruptcy Lawyer St. Charles MO can trust might suggest Chapter 13 or Chapter 7 debt relief. They each have different guidelines. Those with a modest income and few assets might be able to eliminate all of their debt through Chapter 7. On the other hand, people who own property and have a higher income could be able to arrange a payment plan that allows them to pay off their bills and still have enough money to eat every day. Click here for more details.
With the help of a Bankruptcy Lawyer St. Charles MO residents might be able to resolve their debt problems, get the assistance they need to learn how to create a budget that will help them live within their means. Establishing and funding an emergency savings account can help a family avoid debt crises when they experience job loss or a medical problem. Planning for unexpected situations is the key to living a financially-stable life. If things should ever get out of control, it’s important to get in touch with a skilled and experienced law firm such as Van Dillen & Flood P.C. An attorney who focuses on bankruptcy law may even suggest additional ways to solve financial problems without filing for bankruptcy protection.