People that are in significant debt are often tempted to stick their heads in the sand, hoping that if they ignore it, the problem will go away. They stop opening their mail or answering the phone, knowing that it is going to be bad news.
Unfortunately, ignoring a problem never makes it go away, and what you don't know can hurt you a lot. Eventually, creditors will bring suit, get a judgment, and then look to collect on it in the form of a bank levy or a wage execution.
Don't Ignore the Problem!
Instead of ignoring the problem, you need to face it head on, and that is much easier to do it the earlier it is in the process. This is because:
- It can be easier to get your creditors to take less in a lump sum if they don't have to share it with the collection agency or the lawyer to pay their fees (or those fees won't be added to what you owe if the agreement with the creditor makes you responsible for collection costs). This can have tax consequences, though, and you should talk to an accountant if you go this route.
- Creditors might be more willing to take a monthly payment that is lower than the wage execution rate if such an execution is months away. They may well see it as less money per month starting now is better than more starting later.
- You can avoid the major disruption to your life that a wage execution or bank levy can cause.
These days, whether it is credit card debt or medical bills from an unexpected illness or injury, when the dogs start barking, they all bark at once. If you are in a situation like this, the sooner you contact me the better.
Can I Help?
I have helped many people deal with mounting debt, and working towards a solution is the best cure for the stress that overwhelming debt can cause.
If you live in the Gloucester County, New Jersey, area and want a lawyer to represent you against your creditors, please feel free to call my office at 856-432-4113 or contact me through this site to schedule an appointment to discuss your matter in my Woodbury office. I have represented creditors for many years and am familiar with the collection industry and how it ticks. Put my experience to work for you!
If your debt situation goes beyond one or two creditors, however, and you are wondering whether you need a solution to a bigger problem, then download my free book, Am I In Too Deep? A Guide to Knowing When You Need to File Bankruptcy in New Jerseyto find out if bankruptcy might be the solution.