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How to know when it might be time to seek debt relief

On Behalf of | Mar 29, 2021 | Bankruptcy

Going through periods of financial unrest can be stressful and intimidating, and such issues continue to affect many families in Georgia and elsewhere. Issues with debt can also impact various areas of one’s life and could also run the risk of disrupting future financial opportunities. While individuals who suffer through similar concerns may wish to protect their futures, they might not always know how to tell if and when it might be time to seek debt relief.

Knowing how to tell if it might be time to consider seeking relief from financial obligations could be a difficult endeavor. Some examples of hardships that may indicate such a need could include:

  • Presence of denial: Individuals who actively avoid speaking with creditors or who remain uncertain of how much they owe may be suffering from denial, which may be a common sign of a growing financial concern.
  • Continued borrowing: Seeking out additional lines of credit to help pay down debts or for use in the purchase of everyday items may also indicate a need for financial relief.
  • Impact on health: Overwhelming monetary obligations could also begin to affect one’s sleeping patterns or add high levels of stress, both of which could have a significant impact on one’s health.
  • Debt-to-income ratio: It may also be time to consider seeking relief should a significant portion of one’s monthly income go directly to paying down debts.

While those who experience similar concerns may feel it is time to seek relief from the trails of debt, knowing how best to approach the situation can also be challenging.

Individuals in Georgia who wish to seek debt relief but remain uncertain of their available options could find it helpful to seek legal counsel for advice in choosing a path. An attorney can address a client’s financial situation and provide him or her with guidance in making informed choices. Such advice could play an integral role in preparing a person to seek the necessary relief and begin working toward building a healthier financial future.