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What to do When You Can’t Pay

What to do When You Can’t Pay

: Richard West Law Office

brokeConsider this scenario. Alice is a recent graduate of XYZ University and she has a liberal arts degree, with which at one point she thought she could do just about anything. Two years after graduation, she has a pretty good job with a company doing administrative work because she couldn’t find anything in her field. Then her mom becomes sick, and she goes home. She quit her job but can’t find a new one close to her mother. The payments on her student loans, car, furniture, and other debt are still due. She realizes that very soon she will have no money.

The above scenario could have gone many different ways. Some people get lucky and can find steady employment and pay off debt as planned. Sometimes, however, life throws you a curveball and there’s no way out. The absolute worst thing you can do when that happens is stay silent.

If you think you’re going to miss a payment for any reason, call your lender. If it is going to be a one-time experience, often they will work with you. Their jobs, after all, require they receive payment. It is not in their best interest to heckle you. Even if you are facing the risk of foreclosure, there are ways to be proactive and avoiding defaulting.

If you think you might not be able to pay for a while, it is still a good idea to go ahead and call. If you give a company a heads up that you won’t be able to meet your obligations, they might help you come up with a different solution. In addition to working with your lenders, you may want to consult a Dayton bankruptcy attorney to discuss several ways in which you can manage your debt and stay out of default.