Just about every person I meet with at Halcomb Singler, LLP, is dealing with debt in some way or another. What these folks have in common with each other is that they have all tried to fix the debt problem they are dealing with on their own. I am sure most if not all have sat down and written down their income and expenses and tried to figure out a way to pay all of their bills. However, many of those people come to the conclusion that they just don't have enough money coming in to pay their bills and that is when danger of "the ostrich effect" sets in.
I am sure I am not the first one to use this terminology. But, I call it the ostrich effect when people decide there is nothing that they can do about their debt and instead do nothing. The ostrich effect is different depending on the person. However, some signs that you or someone you love may be dealing with the ostrich effect are:
1. Not opening bills. Just letting them pile up in a drawer;
2. Not answering the telephone for fear of collection calls;
3. Full voice mail (result of #2);
4. Letting the mail pile up in the mailbox and refusing to bring the mail into the house;
5. Have received a lawsuit to collect on a debt and don't do anything to address it;
6. Wages are being garnished;
7. One spouse is hiding bills/bank account statements or any other financial reports from the other.
The bottom line is that those dealing with major financial stress often become very overwhelmed, which causes paralysis. But the good news is that there is almost always some way to deal with debt. The solution may be to get a second job, selling a vehicle, cutting back on expenses such as canceling cable or internet, or to file Chapter 7 or Chapter 13 bankruptcy, or to negotiate with creditors to pay less than owed on debts.
I typically tell the people I meet with at my Carmel, Indiana law firm that once they have showed up at my office the hardest part is over. The hardest part is picking up the phone and asking for help. I don't tell every person that comes in to meet with me that they should file for bankruptcy. However, sometimes it is the best option to give that person relief from the stress of debt. But I can say that people who meet with me typically have a plan regarding how to deal with their debt, which helps alleviate stress and also curtails the ostrich effect.
If you are drowning in debt, regardless of your income, I may be able to help. If there is one thing that I know it is that doing nothing to solve your debt problem is not the solution. The stress that having debt causes a person often puts strains on their personal relationships (often causing divorce), seems to cause weight gain, and overall puts a person in a bad mood. I offer free initial consultation to those struggling with debt. If you want to set up an appointment just give me a call or click here.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
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