by:
Wade Waldrip
on Tue Feb 3,2015 14:56:06
The prevailing economic climate has rendered it difficult for many of us to stay current on routine financial obligations, including credit card payments and installment agreements like automobile loans. Aside from feelings of embarrassment, even shame, that frequently arise in these circumstances, people sometimes fear that their inability to pay their creditors may lead to their arrest. Such anxieties are unwarranted because you cannot be arrested or prosecuted for the simple failure to pay your debts. That is not to say, however, that failing to pay debts when they're due may not lead to other problems. For example, while you cannot be arrested for not paying your debts, creditors may sue you in civil court and, in the case of secured obligations like auto loans, may repossess your vehicle. Failure to make your house payment when it's due may ultimately lead to foreclosure on your home. So while you cannot be arrested for not paying your debts, other unhappy consequences may result. In these circumstances, you may wish to consult a bankruptcy attorney for advice and guidance.
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