A growing number of Americans are beginning to wonder how they will ever earn enough money to both stop debt and begin saving for retirement. Many people panic and think bankruptcy is the only solution that will solve their current cash flow problems, when in fact there are sometimes other choices that are much easier.
First, if you are experiencing cash flow difficulties, stop, take a deep breath and say these words; “everything is going to be OK!” Remember you live in America and they don’t put you in jail for not paying your bills. The biggest problem for most people is the unwarranted fear and panic that comes with financial problems. If you can put the fear aside there are some very simple solutions to help eliminate debt and achieve financial freedom.
his strategy is mainly for those with only a few assets, such as vehicles and motorized toys, or no assets at all. The key to this strategy is, if you don’t have assets, then you don’t have to worry about people trying to take something away from you. If you have lots of assets, then this particular technique may not be right for you. And as always, I suggest that you consult an attorney and get professional help to ensure that you protect your assets.
The good news is if you don’t have any substantial assets or cash flow, and you are not a W-4 employee, then there really isn’t much to worry about. The hidden truth is, if you just stop paying your unsecured debts, or secured debts with NO equity, there really isn’t much your creditors can do to you. Sure they may call to harass you and they may make threats, but all you have to do to stop the calls is get an unlisted number. Bottom line, there is no easy way for them to get anything from you unless they can prove that you have substantial cash flow or assets.
What if they file a law suit? The simple answer is to let them, because it is there right. The good news is in most cases they need to sue you in the county where you live and this means hiring an attorney, which is expensive. If they file a law suit I would recommend that you appear in court and represent yourself if need be. Explain to the judge that you are unemployed and you don’t even have enough money to file for bankruptcy. Bottom line, if you have no assets and you are not a W-4 employee there is nothing anyone can take from you.
Remember you can always file bankruptcy if that is the last choice. The worse part of falling behind on your bills is the fear that someone can come do something to you or take something away from you. If you fall into the category above, then you really don’t have much to worry about. Relax, take a deep breath and remember everything is going to be alright…
Author
Steve Sunyich |
