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Akin, Webster & Matson, P.C

Call Us At: 478-250-1522

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Bankruptcy: Possible ramifications of dealing with debt
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Bankruptcy: Possible ramifications of dealing with debt

| Jul 28, 2020 | Bankruptcy

Most individuals in Georgia and across the nation may have a general idea of the level of stress involved with going through financial struggles. However, it could prove somewhat more difficult to grasp the impact debt can have on one’s life before the situation begins to grow out of control. Knowing the possible repercussions of dealing with debt could help many individuals better prepare to protect their financial futures by seeking relief through outlets such as bankruptcy.

The trouble with debt is that what may start out as a small and manageable amount can build up quickly under a variety of scenarios. For instance, the ease of use and access associated with credit cards may encourage habits such as overspending, which can lead to dire monetary straits. With high interest rates on most credit accounts, a person may end up paying a great deal more for items than what was on the price tag. Those who can only afford to pay the minimum payments due may be left to watch as their balances continue to rise.

While issues with debt could also leave a person wondering if it might be helpful to borrow from retirement or investment accounts to catch up on obligations, this may never be advisable. Studies also indicate that issues with debt can also disrupt a person’s ability to pursue and achieve long-term life goals. Prolonged struggles with debt can also open a person up to a variety of health concerns and the stress involved could create rifts in personal relationships.

When dealing with high levels of debt, those who wish to protect their futures may find it helpful to explore the possible benefits of seeking relief through outlets such as bankruptcy. Prior to choosing a path, a person in Georgia could choose to consult with an experienced attorney for guidance on all the available options for relief and insight into the potential advantages and disadvantages of each in turn. Such guidance could help place a person in a better position to reduce or eliminate his or her debts through the proper channels.

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