5 Debt Relief Options You Can Use Right Now

LA JOLLA, Calif., Dec. 3, 2014 /PRNewswire/ -- Tis the season for holiday shopping, racking up credit card bills and promises for a brighter day in 2015.   Putting off dealing with your debt to another day is just a bad strategy that could cost you dearly.  Before you get too deep in the debt hole, you should know there are debt relief options that you can use right now.

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Bad things can happen to good people.

Debt happens. For a variety of reasons people can easily fall into a debt trap due to a loss of income, unexpected medical expenses, or many other of life's unexpected events.  The negative consequences of too much debt are frightening.  Your credit suffers. You can't save for retirement. Your quality of life suffers. If you happen to get sued for non-payment of debt, you face a potential judgment. In some states, creditors with a judgment have the right to garnish your wages or seize the money in your bank account through a bank levy. Losing all the money in your account can be crippling if you depend on that money to pay bills, your mortgage and buy groceries. Imagine the possibility of going from a few thousand dollars in your checking account to zero, with a paycheck another week away. How would you survive that?  Imagine depending on your entire paycheck to survive only to find out that 25% of your wages are going to be garnished to pay off a judgment.  I have heard countless stories of people waiting too long only to find out that creditors have drained their checking accounts of thousands of dollars to satisfy judgments.  

Many of these bad scenarios can be avoided or minimized. The key is to take action quickly.

Here are 5 Debt relief options you can use right now!

1. Don't keep accounts with banks you owe money to.
   The banks have the right to withdraw money from your account to pay down the debt you owe.
2. Don't ignore notices from law firms.  
   This may tip you off that a bank levy is about to occur.
3. Stop direct deposits for your paycheck.
   It's not too difficult for a creditor to do a little guess work to figure out when you get paid. Levying on a bank account can get creditors a decent chunk of change if they figure out when you get paid. You may be able to get some of that money back, but it may take you 60 days or more to get a hearing and have funds returned to your account IF you are entitled to it.
4. Close your bank account.
   Living in a cash-only world may not be the most convenient thing, but it's a lot better than losing all your money to a creditor at a time when you might need it to keep your lights on.
5. Call your creditor before a levy happens to work out a repayment agreement.
   This seems basic, but many people are too intimidated to speak with a creditor.   If you are anxious about calling your creditor, you can consult with an attorney (usually for free) to learn your best options and perhaps retain them to negotiate with your creditors.  An experienced debt settlement attorney can work to negotiate with your creditors to reduce the total amount that you owe. 

Putting off dealing with your debts could cost you dearly, but you do have options.   By taking action and facing your debt head on right now, you can look forward to a brighter day in 2015!

Daniel R. Gamez, an attorney focusing exclusively in debt settlement, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in La Jolla, CA. For more information, please contact Daniel Gamez at 858-217-5051, [email protected] or visit gamezlawfirm.com.

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SOURCE Gamez Law Firm