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It is very important to resolve personal debts at the earliest
possible opportunity. Unlike business debt, personal debt hits you directly and damages credit in a way that cannot be avoided
or thwarted easily in the future.
Personal liability can directly impact:
• Your Real Estate: by creditor attachment
or lien for the entire amount directly against your home, inhibiting your ability to sell, refinance or purchase new property.
•
Your Paycheck: by allowing creditor garnishment of your wages up to your state's maximum allowance (most states allow 25%)
of every paycheck, to be deducted straight from your employer until paid in full;
• Your Bank Accounts: by allowing creditors
to potentially withdraw, tap or freeze of your accounts.
• Future Credit and Loans: by prohibiting you from receiving loans,
new credit cards or other credit lines that you would otherwise qualify for had your debt been previously settled or structured
in payments.
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