Credit card debt can have an overwhelming impact on a person's life. Those who feel that they cannot pay their debt may constantly worry about the possible implications that could occur in the future.
Being subject to wage garnishment can be very demotivating. It's likely that you will feel that you are no longer in control of your life and your finances because you work hard only to have a portion of your wages taken away from you before you receive them.
Chapter 7 bankruptcy is one of the most popular choices for individuals and families who are facing overwhelming debts. However, not everyone can qualify for Chapter 7 bankruptcy. In order to be eligible, you must be able to show that your current income and assets, when measured against your expenses, are not sufficient to realistically pay off your debts without assistance.
Those who are facing significant debts can start to feel a sense of desperation and stress. In desperate situations, we do not always act logically. Instead, it's common for people to take impulsive actions that seem to be the quickest fix. Unfortunately, these impulsive actions taken in a desperate state can lead to further financial issues in the long run.