The possible government shutdown has far reaching affects. Among the many things affected will the paychecks for military personnel. For every week the government is closed, active duty military will lose their pay which will have devastating effects on their household budgets. Like so many other people, members of the military and their families live paycheck to paycheck. Although they would receive back pay once budget agreements are reached they could still face financial troubles. Paying bills late will result in extra costs on their utilities and credit card bills.
Even though they most likely won’t have to go bankrupt, the issue of lost pay even for a month has many ramifications. Many people enter into debt relief proceedings with the help of bankruptcy attorneys because of accumulated fines for late payments. Credit Card interest rates can drastically drive up balances, so high that they can be impossible to pay off, and will have negative effects on credit scores.
The bankruptcy courts are full of people overwhelmed by loan and credit debt. Unforeseen circumstances like missed pay and unemployment can result in financial ruin. When overburdened by mounting debt sometimes the only alternative is to hire a bankruptcy lawyer, with their help a person keep harassing calls and property seizure from happening. Representation of a bankruptcy attorney can reduce owed debt and get a person back on their feet and make their lives a little easier.
