Many Forms of Debt Relief are Available
Bankruptcy is an option to help alleviate your debt and financial problems, but you may be able to avoid filing if you consider some other debt relief options. Maybe one of the following alternatives will work for your particular financial situation, or maybe you could consider several tools together to help you become closer to being debt free without having to declare bankruptcy.
When considering all the available forms of debt relief, you need to first be ready and willing to do what is necessary to eliminate your debt. Becoming debt free can be achieved without filing bankruptcy, but you may have to make sacrifices and lifestyle changes in order to get your finances back on track. Once you are committed to getting a “Fresh Start” it is then time to take action.
You will need to take the time to calculate exactly how much money you need to avoid bankruptcy. Now, what are you able to contribute to that? You need to have realistic expectations and you need to know exactly where you stand – how much debt you have. A good idea would be to pull a free copy of your credit report and learn the details of how much you owe; review it carefully. You must know exactly what kind of debt you are up against when making the decision as to what form of debt relief may be the best for your situation.
Taking immediate action when you realize that you are in financial trouble is important. Instead of consistently being behind on payments and letting bills, interest, and penalties mount, you may have to take some drastic and inconvenient measures to fix the problem. Selling some of your assets is one way that you can get some extra money — electronics, jewelry, vehicles, etc… things that you have purchased that can generate extra cash that you can live without (temporarily, at least).
Seek the assistance of a professional: work with an experienced consumer credit counselor. Ask the counselor to help you work with your creditors in order to get your payments and interest rates reduced. Express your willingness to pay the debt, your want to avoid bankruptcy, and your creditors may work with you, as they would rather get some money than no money. A credit counselor is also a good resource to help you if you need some assistance making a “get out of debt” plan. You do need a plan, and this may depend on how much you currently owe or how far behind you are on payments. Based on your situation, your plan of action to rid debt should include a spending schedule. Take a closer look at your budget and cut any expenses that you may like to have, but can live without until you pay your way out of debt.
Now that you have limited your spending and worked on the budget (or If you cannot budge on the budget) prioritize your debt. You might have to consider increasing your income. Is working overtime or getting part-time work a feasible option? Paying your way out of debt is work, after all. You need extra money to whittle down the debt —you might have your own ideas for earning that extra money.
Before filing for bankruptcy, explore your alternatives to eliminate your financial deficits. Even the best efforts and best intentions, however, are not enough, and many people who have exhausted every means of paying back debt still can’t manage to make the payments, and have to consider the option of bankruptcy. An experienced bankruptcy attorney can help you decide if filing is the right option for your situation.
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