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The volatile economy. Counting on an income that was unexpectedly lost. Not closing the deal you thought was a sure-thing; there are any number of reasons why you incur debts that you have no way to pay back in a reasonable amount of time. The reason that got you into the mess you are in is irrelevant. Whether you can pay your way out is all that matters, at least to your creditors.

So what is the worst that can happen? Your credit score drops with every additional late payment you incur. Regardless, you probably don’t want to utilize credit to incur any more debt for a while. Your creditors may come at you with threats of taking you to court if damaging your credit doesn’t yield the desired results.

When creditors take you to court, a judgement can be made against you, ordering you to pay all or part of the debt. If you fail to pay, you will not go to jail, but you do risk income, assets or property being confiscated to pay the debt. However, if you own your home, you can’t lose it, unless the debtor in question was akin to a mortgage broker or lender that assisted you with procuring the home.

You could also lose your car. You are allowed an expense of $1,000 for a vehicle. If your vehicle is worth more than that, it can be seized. In cases where you don’t own your home or are not going to use your homestead exemption, you are allowed a total $4,000 in retained property.

Sometimes the greatest way to get out from under the dark clouds of anxiety is to come face-to-face with what the worst situation is and then address each component so the problem doesn’t seem so overwhelming. A Florida debt relief attorney can be of great value in answering your questions, relieving your concerns and helping you create a financial solution that is right for you.