Is Debt Making You Sick? Eliminate the Worry through Bankruptcy

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There was an interesting, although not surprising, article in the Arizona Republic yesterday that cited a poll stating that three out of four middle-class families experienced some sort of health issue stemming from their financial difficulties, including difficulty falling asleep, changes in weight, anxiety and lower energy levels. This stems not only from the worry as to how debts will be paid, but because many people are unemployed or making less money they can no longer afford health insurance and thus are not going to the doctor when they need to. I meet many people in the bankruptcy consultations I offer and have seen firsthand the physical toll large amounts of debt, job loss, or reduction in income can inflict on a family. I believe much of the worry comes from the belief that there is no way out. That there is no solution. Bankruptcy, while no one's first choice, offers a way out, can give you a fresh start, and allow you to start sleeping again.

Bankruptcy Stops the Phone Calls

The constant ringing of the telephone is an ever-present reminder that your debt situation is not going away. The Fair Debt Collection Practices Act (FDCPA) allows creditors to begin calling your home at 8:00 a.m. and can call up until 9:00 p.m. at night. It is not unusual for a person I am consulting with on bankruptcy to receive several calls from collectors while sitting there in my office. Bankruptcy will make these calls stop.

Immediately upon the filing of your bankruptcy case the bankruptcy court will issue an Order that stops all collection efforts against you. The bankruptcy case will give you breathing room to regroup and move forward with life. Collection agencies will not be permitted to call you, creditors won't be permitted to send you demand letters, and any pending lawsuit will stop. You can finally sleep well at night knowing that no one is going to foreclose on your home or repossess your car.

Bankruptcy Will Save You Thousands

After I consult with a client, I provide the following advice: if you have made up your mind 100% that you are going to file for bankruptcy, I would not pay another penny to a credit card company, medical bill, or other unsecured debt. If you have made the decision to surrender your home and are still paying the monthly mortgage, now is a good time to stop. All of those debts will be eliminated or discharged through your bankruptcy, so it makes no sense to continue to pay the debts now. This action alone can save you thousands of dollars each month. No more making monthly minimum payments that never seem to reduce what is owed.

Having extra cash on hand will allow you to pay for essentials, like health insurance, that you need for your family. If you are surrendering your house it will give you an opportunity to put aside some money to get into a new place.

If you are not sleeping, and are physically sick over your debt situation, know that there is hope and there is a solution. After a bankruptcy consultation I can literally see the relief in many of my client's faces as they realize that there is an end to this worry. There are options. There is a way out. Give me a call at (480) 420-4028 and we can arrange a time for a consultation to discuss your situation. My bankruptcy consultations are always free. I can also be reached via email at john@skibalaw.com .

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© John Skiba, Skiba Law Group, PLC | Attorney Advertising

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