In part 3 of this series we discuss poor/excess use of credit which is the third most common reason for filing bankruptcy. Credit card bills, installment debt, car and other loan payments can eventually become unmanageable, until finally the borrower is unable to make even the minimum payment on each type of debt. If the borrower cannot access funds from other sources such as friends or family, then bankruptcy is usually the inevitable alternative.
Some may consider debt-consolidation plans but statistics indicate that most debt-consolidation plans fail for various reasons, and usually only delay filing for most participants. Although home-equity loans can be a good remedy for unsecured debt in some cases, once it is exhausted, irresponsible borrowers can face foreclosure on their homes if they are unable to make this payment as well.
Are you overwhelmed by the burden of excessive debt? If so, contact a Bankruptcy Attorney at 636-724-3355 or visit us at www.bankruptcysolo.com to schedule your no-cost consultation with an experienced bankruptcy attorney.
Some may consider debt-consolidation plans but statistics indicate that most debt-consolidation plans fail for various reasons, and usually only delay filing for most participants. Although home-equity loans can be a good remedy for unsecured debt in some cases, once it is exhausted, irresponsible borrowers can face foreclosure on their homes if they are unable to make this payment as well.
Are you overwhelmed by the burden of excessive debt? If so, contact a Bankruptcy Attorney at 636-724-3355 or visit us at www.bankruptcysolo.com to schedule your no-cost consultation with an experienced bankruptcy attorney.
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