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Common Questions about Getting Out of Debt

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Being in debt can be very stressful. Fortunately, there are ways to get out of debt. The following are a few questions that you might have regarding getting out of debt:

  • Your ex-spouse was assigned specific debts in your divorce but isn’t paying. What can you do? – Your attorney can ask the court to hold your ex-spouse in contempt for not living up to his or her divorce decree.
  • Should you borrow from your IRA or 401(k) to pay your debts? – Avoid doing this if possible. Try to solve your present day issues using present day resources so that you don’t have to sacrifice a part of your future.
  • Will debts past the statute of limitations be reported? – The statute of limitations varies by state, but it has nothing to do with credit reporting.
  • Can the bank garnish your Social Security benefits? – As long as your federal benefits were directly deposited into the bank account, they’ll be protected. However, the protected amount is restricted to the two months of benefits that were deposited right before the garnishment order.

We invite you to contact us at Bridge Advisors today for more information regarding our financial advising services.