Financial stress and disagreements about finances are consistently among the leading causes cited as reasons that couples choose to file for divorce. Debts caused due to job losses, medical conditions, and the increasingly difficult struggle to simply keep up with the cost of living can create a seemingly insurmountable challenge for even the most loving and committed of couples. After all, when it feels as if the ship is sinking it is only natural to want to escape to a potentially better situation. The matter is complicated immeasurably by the aggressive efforts of creditors and service providers to collect the money that they are due.

Many times, a debtor is too embarrassed about his or her inability to make a timely payment to be forthcoming with a creditor about the circumstances. This can lead a credited to initiate a chain of events that is sure to grate further up the already weary nerves of a couple who are feeling overwhelmed by financial pressures. What seems at first to be merely an annoyance can grow to represent a fundamental problem that will interfere with your future in a number of different ways, possibly leading to your inability to obtain credit, auto loans, desirable housing, or some employment opportunities.

What They Can Do

The actions that creditors can take to secure their interest in the money that is owed to them depend upon the nature of the debt itself and the terms of any agreements that exist between the parties involved, as well as any local, state, and federal regulations that are applicable. Occidentally, these companies will overstep their boundaries, but you can rely on them to expect that you do not have a fully developed understanding of the situation or your own rights.

Collection calls and letters are apt to become increasingly forceful, but typically they remain in compliance with the relevant laws. Pursuing to the law, the following are some of the measures that may be enacted in an effort to collect upon a debt:

  • Termination of a utility service
  • Making negative reports to the various credit bureaus
  • Filing a lawsuit to seek a default sentence against you or to compel payment
  • Wage garnishments
  • Creating liens against you
  • The seizure of some assets

What You Can Do

If you feel like you can not manage your debt load anymore, then it may be time to consider your options. Put an end to needless stress. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC



Source by Joseph Devine