Last week we talked about things that indicate you might be headed for financial trouble.
If you have some of those issues troubling your finances, what options do you have? In our bankruptcy practice, we have to get certain information from our clients to know their VIABLE options. Here are some things we need to know:
- What property do you own, and how much is it worth?
- Houses and land
- Vehicles (From Cars to Riding Lawnmowers)
- Personal property (Furniture, Clothing, Housewares, Jewelry, etc.)
- Plaintiff in a lawsuit, Worker’s Compensation Claimant, Social Security Disability Claims
- Lottery Winnings if any
- Expected Tax Refunds
- Other kinds of personal property such as animals, livestock, etc.
- Debts owed?
- Car Loans (Including, co-signed or personal car loans, Finance Company or Title Loans)
- Lawsuits and Judgments
- All Credit Card Debt
- All other Finance Company Debt
- Payday (check casher) Loan Debt
- debts owed to some third party
- hospital and medical debt
- Miscellaneous debt
This is a bare bones list of the things we talk with clients about. But once we start talking about these things, we can get a clearer picture about what a person can or should do about their debts.
It’s possible that the right thing to do is nothing. Some of the other options include bankruptcy (Chapter 7, 11, 12 or 13), refinancing mortgages, refinancing other debt, workouts, defending foreclosures, suing creditors over various issues, using repayment techniques (like the debt snowball), hiring a debt consolidation company.
Be warned, though, that my experience with debt management companies soak folks for fees, and provide little (if any) relief. So this option is one that I believe (for most people) is NOT VIABLE.
Stay tuned as we will talk more fully about the things financial trouble, and what you can do about them, in future posts.