Unfortunately, when it comes to debt many people get caught in a bind and they lack the resources to free themselves from it. It's a familiar story. When the money is rolling in it seems perfectly manageable to take on a large mortgage, a couple of monthly car payments and run up four or five credit cards to their limit. Hey! It's what we're supposed to be doing to keep the economy rolling. Right?
But when the money stops rolling in it's a different matter. It doesn't take long to start missing payments. The collection agents are just a few steps behind. And in line right behind them are the legal departments with their threats of foreclosure, garnishment and repossession.
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Losing your job and other sources of income doesn't necessarily mean you're in big trouble, or will lose everything to the banks and credit card companies. Creditors cannot just walk in and take your stuff. They must ultimately resort to the courts to try to get repayment from people who owe them money if no other method works.
In other words, they must resort to the legal system. And that is why your best friend in such situations is a lawyer who understands the system, can hold your creditors at bay, and can help you put together a legally acceptable plan for getting yourself out of the mess you find yourself in.
For instance if you own a home and a mortgage company holds a mortgage on that home, if you miss a number of payments your contract with the mortgage company gives them the legal right to take certain actions against you. Having a lawyer represent you will very likely immediately shut this process down and give you some breathing room.
Unlike we often see in old movies, your creditors cannot simply come barging in, throw your furniture out on the sidewalk, physically remove you from your home and change the locks on the doors. In order to resort to such drastic measures they have to go through the proper legal channels.
In other words, they must apply to the court, present the facts as they see them, and then can only do what the court allows them to do. With legal representation, if the process gets this far - and it probably won't - your lawyer is in a position to present your side of the matter and work out a solution.
The same general procedure applies in cases of garnishment. Your wages or bank accounts can be garnisheed when a creditor gets a court order instructing your employer, or banker in the case of your bank account, to withdraw or hold back a certain amount of money on behalf of the creditor. In the case of regular wages the garnishment order will instruct your employer to hold back a certain amount every pay period.
This is obviously inconvenient and embarrassing, and may actually make it impossible for you to carry on. So you want to avoid that sort of thing if at all possible. The problem is, as you go further and further into default there is a tendency to ignore the dire warnings and hope that your financial problems will just go away. You feel helpless because you don't have the money to pay your bills, and the thought of trying to forestall these actions makes you feel even more helpless because you are being confronted by a system you don't understand and are powerless to resist.
Having a debt relief attorney or bankruptcy lawyer represent you will usually shut down these collection options and give you time to work out a better solution. That solution may in fact be bankruptcy, because if there is no way those bills are going to get paid, you might as well face that fact and get on with your life. A bankruptcy lawyer is the best one to advise you which way to proceed.
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