Most people overwhelmed by debt call us, Upper Peninsula Bankruptcy Lawyers: Church and Korhonen, PC, as an absolute last resort. The very last thing they want to do is speak with a bankruptcy lawyer about their financial crisis. They would much rather pay off their debt but they have don’t have enough money to satisfy their creditors.
Because there is not enough money for the creditors, people often ignore their debt. They figure they owe the money, but since they can’t pay it back, what’s the point in talking to their creditors? Ignoring creditors is the worst possible reaction to debt overload. It will only make a bad situation worse.
If ignored, debt will quickly grow like a cancer. Creditors will tack on fees, penalties and charges to the original debt and charge higher interest rates. They will often send accounts to collection agencies which harass debtors day and night with an avalanche of never-ending phone calls.
If the collection phone calls don’t work, the collection agency often files lawsuits to recoup their money. A lawsuit creates a judgment which is used to garnish 25% of the debtor’s wages, seize bank accounts and personal property as well as place liens against the debtor’s home or other real estate.
As if this was wasn’t bad enough. the debtor’s stress levels shoot up dramatically causing many sleepless nights, high anxiety, panic attacks and other stress related illnesses.
The solution to this financial nightmare is relatively simple.
Call us: Upper Peninsula Bankruptcy Lawyers: Church and Korhonen, PC for a free initial bankruptcy consultation.
Together we will face the debt, get the creditors to back off and start the process of bringing the financial situation under control.
Call now, (906) 226.0001.
Do not let another sleepless night go by.
Together we can restore financial clarity.