Few people go through life without experiencing financial trouble at some point. For many, it is possible to use methods like debt consolidation to get through those rough times. Others find that their situations are so dire that seeking bankruptcy protection is the only practical way to go. Here are some signs that the time has come to seek counsel from a bankruptcy attorney in Edmond, OK.
Income Is Reduced, but the Bills Are Still There
Until recently, the debtor was at least able to make minimum payments on all debts each month. While the process was slow, that did mean the total indebtedness was decreasing a little every thirty days. That all changed when the primary wage earner was reduced from full-time to part-time status and no longer has the same amount of money coming in each week. Now that the main source of income to the household has been cut or eliminated making even those minimum payments will not be possible. Before that first payment is missed, talking with a bankruptcy attorney in Edmond, OK is a wise move.
An unexpected financial emergency can be all it takes to completely derail the household finances. For example, a hospital stay could adversely affect the household in more than one way. The person who is in the hospital is not in a position to earn any money to support the family. In addition, the amount of medical care not covered by a health insurance plan only adds to the financial load the household must bear. This type of unanticipated expense can mean the shaky finances of the family are stretched to the breaking point. If something does not change quickly, they will begin to default on their debts.
The fact is that people who want to honor their debts can find themselves unable to do so. When that happens, seeking legal advice is the only practical approach. A consultation with the team at the Cain Law Office will make it possible to determine if the debtor qualifies for any type of protection, and what steps should be taken next. Making that first call to set up the appointment could mean getting the new start that the family needs.