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Bankruptcy may be the most effective remedy for runaway debt

Many Florida residents turn away from confronting their debt problems, thinking that things will get better and normalized at some time in the future. That technique of procrastination never works out, but it does usually allow the debt problems to fester and get even deeper until the next month rolls around. That avoidance response may bring an individual or married couple to the inevitable conclusion some months into the future that bankruptcy is the strongest remedy for economic survival and to get a fresh start.

Wishing for a fresh start in the beginning stages of overwhelming debt just won't cut it. Facing up to and confronting the reality of the problem is really the only effective way to deal with rising debt. For some who may be in avoidance of realizing their debt problems, there are a number of signposts along the way that should be helpful in identifying that action is required. With credit card balances that keep rising instead of going down, the cardholder may be experiencing uncontrolled debt.

When the paycheck is deemed to be too small to cover all one's bills for the month, trouble could be around the corner. One telling phenomenon is when the consumer cannot pay any more than the minimum on each credit card. This indicates being maxed out and stretched out to the core. In addition, if a person has an emergency financial problem, such as medical expenses, and there is no emergency fund to take care of it, that is a sure sign of financial struggles.

If some unexpected bill will wipe the consumer out, then the situation is not stable. All of the foregoing factors will creep onto one's credit record and will make the obtaining of future credit difficult. When these factors converge, a consultation with an experienced consumer bankruptcy attorney may be advisable. For those who qualify, the buildup of unsecured debt may be quickly and permanently wiped out without paying any premiums on the balances. That is a powerful way for Florida residents to get another chance to make their financial challenges end in success rather than disaster.

Source: sfgate.com, "7 signs you're in debt over your head", June 29, 2017

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