How Big Of A Problem Is Debt For Businesses And Individuals In The US Today?
With the pandemic, people greatly reduced their spending. The foreclosure and eviction moratorium temporarily put those on hold. As things improved, consumer prices and spending began to increase. In the last year, people have borrowed loans to the sum of $28 billion. Individual and consumer debt is about to become a very big problem soon.
What Kinds Of Debts Are Americans And Businesses Saddled With?
Types of debt Americans and businesses are being saddled with include:
- Back Rent
- Back Mortgage Payments
- Credit Debt
- Car Loans
- Personal Loans
- And More…
At What Point Do Individuals Generally Contact Your Firm?
Typically, people contact our firm when it’s too late. People have a tendency to procrastinate, which causes matters to get complicated and limits our ability to achieve the best outcome for our clients.
How Much Debt Do People Have When They Realize Bankruptcy May Be The Right Step?
Generally, when a person’s income and amount of debt are the same. For example, if your annual income is $100,000 and you’re $100,000 in debt, bankruptcy may be the best option for you.
What Amount Of Debt Or Missed Payments Would Cause A Creditor To Garnish My Wages?
The amount varies – but most of my clients have needed to do something for two years before they reach us. That means that today’s client was having problems two years ago. It means somebody who is getting into trouble today, I may not see for two years.
Will Filing Bankruptcy Stop Creditor Harassment And Wage Garnishment In California?
Filing for bankruptcy will stop creditor harassment. The automatic stay of the Bankruptcy Code can also halt any garnishment actions against you.
Will Filing A Bankruptcy Stop Foreclosure In California?
Chapter 13 bankruptcy provides you a repayment plan, whereas Chapter 7 bankruptcy gets rid of all of the debt through a variety of methods.
For more information on Problem Of Debt For Businesses & Individuals, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (818) 514-1355 today.
Avoid Bankruptcy With Debt Renegotiation Services
Bankruptcy is not always the right solution and may not be the right solution for you. All debts are negotiable: debts such as repossessions, personal loans, credit cards, and medical bills can all be settled for a manageable amount. During our initial consultation, we will explore whether renegotiating your debts is the best approach.
Don’t let your debts become an unbearable burden – you have options!
Renegotiating What You Owe
Our Debt Settlement Plan allows you to repay what you owe in a manner you can afford. We renegotiate repayment of your debts with your creditors by reducing your monthly payments to a level that you can manage on your present income. Depending on your circumstances, we may also be able to reduce the total amount of your debt.
Why Taking Action Is Critical
Have you received a Summons and Complaint for money? This civil lawsuit must be dealt with promptly or a chain of events will occur that will leave you with fewer and fewer options the longer you wait. The “ostrich approach” (ignore it in the hope that it will go away) to dealing with legal matters never works out well.