Disagreements over money and financial troubles are some of the leading causes of divorce, so it comes as no surprise to learn that some people find themselves facing serious debt either right before or shortly after divorce. If you are facing the end of your marriage and overwhelming debt at the same time, you may be asking yourself if it is better to file for divorce or file for bankruptcy first.
There are reasons bankruptcy triggers feelings of shame and embarrassment. First of all, creditors want it to trigger those feelings. The more people feel ashamed and disgraced about being unable to pay their bills, the fewer will turn to bankruptcy to solve their problems.
After experiencing various types of financial obstacles, a Northern Mississippi resident can start to feel threatened. After all, the individual may be receiving calls and letters from creditors or may even be experiencing creditor harassment. In addition, the person might be facing the threat of garnishment, repossession or foreclosure. The possibility of asset forfeiture is understandably a frightening one, but there are legal solutions to these financial problems.
Those who are struggling with debt in Southaven know that there can be many negative effects of that struggle: stress, worry, anxiety and potentially even depression. According to a recently reported study, even small amounts of debt can cause depression. Due to the severe effects of unmanageable debt, local residents may wish to learn more about filing for bankruptcy and how it can eliminate or consolidate debt.
Many northern Mississippi residents depend on their weekly or monthly paycheck to pay bills and meet various legal obligations. Still, in a struggling economy, expenses can quickly get out of hand, debts may spiral out of control -- and at some point, that paycheck may be put in jeopardy. The threat of garnishment is very real to many local residents, but the threat can be eradicated with legal help.
Any Southaven resident who has ever financed a car is likely to know the sinking feeling that comes with missed payments. Late notices start arriving in the mail, phone calls and voice mail messages start accumulating, and sooner or later the threat of repossession becomes very real. In today's economy, it's not unusual for local residents to experience financial challenges that leave them wondering how they will cope with the prospect of repossession.
Now that the holidays have come and gone, many Mississippi residents are pondering how to get rid of two things: extra pounds and extra credit card debt. After the holiday season, credit card debt may be particularly challenging. Tax season is around the corner and many families may already be struggling to pay the government while also paying back their consumer debt. In addition, credit card debt tends to have notoriously high interest rates and thus the New Year becomes a fitting time for a reassessment of one's financial situation.
Countless residents of Mississippi are grappling with student loans, whether they are fresh out of school or graduated many years ago. Some are able to work their loan payments into their existing budgets, while others may discuss their financial challenges with the lender in order to obtain a deferment or temporarily reduce payments. For others, missed payments may be a reality due to overwhelming financial problems such as massive debt or unemployment. In such cases, these individuals may be facing the thought of or undergoing the experience of having their wages garnished.
When a person is severely in debt, that person may resort to selling off personal property in order to either repay debt or make ends meet. While many are willing, if reluctant, to part with items like jewelry or electronics, many understandably fear losing their home or car. Asset forfeiture is a threat to Mississippi residents who are in over their heads financially. Fortunately, there are legal options available for avoiding these scenarios.
Some Mississippi residents may believe that an attorney is only needed for certain financial challenges involving overwhelming debt, such as the threat of losing one's home, car or other forms of personal property. A bankruptcy attorney, however, can also help with seemingly "smaller" debt situations, such as credit card debt that has spiraled out of control.