What mistakes do people make when dealing with debt?
Not seeing a lawyer soon enough tops the list. A bankruptcy attorney can give you all sorts of advice that a debt consolidation or settlement company isn’t going to give you. It’s not just bankruptcy. Tennessee has a six year statute of limitations on actions to collect debt. I’ve seen people a year out from having their debts become uncollectible ruin this by entering into a debt settlement plan. They didn’t need to do anything. I advise people on all options in the initial bankruptcy consult, even the options I don’t provide myself or make money from. A bankruptcy lawyer has ethical obligations enforced by a state bar to provide advice that no one else in the debt industry shares.
