The road to serious debt and circumstances that lead to personal bankruptcy begin with small steps that snowball and create a much larger, looming problem. The moment you realize you owe more money than you make each month, you have already begun traveling down the slippery slope to financial crisis. Such crisis does not have to end in ruin, however. Recognizing debt hurdles and tackling them as soon as you acknowledge them gives you the opportunity to regain control and ultimately put your financial life back in order, before it is too late.
Debts That Lead to Serious Damage
There are a number of debts that can work against you when you allow payments to fall behind. However, certain debts in particular can really wreak havoc on your financial life: Credit card accounts, mortgage accounts, and bills owed to the IRS are especially risky when neglected. Should you fall behind on these kinds of payments, you may be looking at serious penalties that can potentially lead to devastating financial loss.
Here are three significant financial hurdles you may be faced with if you are unable to pay your debts on time, and in full:
Whether you are facing any of these circumstances due to credit card debt or missed IRS payments, it is crucial to stay in contact with your lenders early on and notify them of your reasons for being unable to pay whatever debts you owe. If it is too late and you have already fallen behind on this important communication, then it may be time to speak with a qualified Cook County personal bankruptcy attorney who can advise you on what steps to take next in order to avoid serious consequences. Call the Law Offices of Eric G. Zelazny today at 708-888-2299 for a personal consultation.