Getting Protection through Bankruptcy before Creditors Make Their Move against You

August 22nd, 2013 by Reed Allmand

Bankruptcy Counseling: Learn These Important Financial Terms

It is common for people to have outstanding debt and while the amount owed varies, many may not be aware of how close they are to having their creditor take legal action against them.  For a number of debtors, legal action from a creditor comes at a time they least expect it.  This reason alone is enough to encourage debtors to seek advice from an experienced bankruptcy attorney.

If you find yourself having difficulty in making your payments, talking with a bankruptcy attorney can be helpful for a number of reasons.  Many think about talking with an attorney when they are ready to begin the filing process, but this doesn’t have to be the case.  You can get information on what creditors can do should they choose to take legal action against you, depending on your situation.

Basically, you can get a better idea of the way creditors can threaten you to make payment.  Of course, many debtors know creditors can take assets you may have purchased on credit, repossess your vehicle, foreclose on your home and even take consumer products like your furniture or television. But, many are not aware that creditors can take other assets such as cash in your bank account or garnish wages.

The idea is to consider putting a stop to such collection efforts before the process occurs.  You may save yourself from embarrassment or unnecessary disruption of daily activities.  Acting quickly to prevent such processes from occurring includes taking legal action now.  You can learn what steps to take to avoid repossession, foreclosure, or other legal form of collection from happening, while understanding your legal rights.  Discuss questions and concerns with a bankruptcy expert.

Reference: http://www.txbankruptcyblog.com/2013/07/articles/bankruptcy-news/your-creditors-are-coming/

 

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About Reed Allmand

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Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."

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