What If You Just Ignore Your Debt?
As you consider your options in the face of out-of-control debts, it is a good idea to discuss the merits of the choices in front of you with a knowledgeable bankruptcy attorney. I am more than willing to help you weigh the pros and cons of different paths to debt relief in Tennessee. Are you looking at bankruptcy alternatives such as the following? Contact me to schedule a consultation and discuss your next best move.
Should you take out a second mortgage to pay off credit card bills? This may seem like a good option, but remember that credit card bills represent unsecured debt, whereas a mortgage is a secured debt. You will not lose your house over unpaid credit card bills, but you may lose your home if you do not keep up with mortgage payments.
Should you consult with a “debt consolidation” company that claims to have helped many debtors get a handle on their debts? It might not be a bad idea if you can keep up with the payments that the debt consolidation company will help you establish. Keep in mind, however, that such companies naturally build in payments for themselves into your debt repayment plan. Also be aware of the very high percentage of debtors who go this route for a while, only to end up filing bankruptcy. Interest does not go away in debt consolidation plans. Meanwhile, fees paid to the debt consolidation outfit are unrecoverable, like money down the drain.
Should you sell off assets? This may be a good option if you have assets that can bring a fair price. Consider whether this tactic is likely to bring in enough cash to make it really work before you start selling collectibles or family vehicles, or take your wedding rings to a pawn shop.
What if you do nothing? You might be surprised at my answer given to many of my potential clients who ask, “What if I do nothing about my debt?” In quite a few cases, after carefully evaluating their circumstances, I advise them to do just that. This answer may make sense for someone with entirely unsecured debts, someone with no assets to attach or an elderly person. As a former debt collection attorney, I am well-qualified to advise you as to what creditors can and cannot do, and how to protect your rights if you decide to do nothing about your debt.
Get The Facts As You Consider Your Options For Dealing With Unmanageable Debts
I do advise such clients of the importance of staying vigilant, however. If you receive a court summons and do not respond, for example, you may face serious consequences.
Get the facts before deciding to do nothing about your debt — or before deciding to take futile, drastic measures such as taking out repeat payday loans or digging into your retirement accounts. I welcome the opportunity to evaluate your situation in a free initial consultation. I can help you determine whether bankruptcy makes sense in your case, or some other option, such as doing nothing.
Free Initial Consultation | Memphis Bankruptcy And Debt Relief Lawyer
The law office of Ben Sissman is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.