Before jumping and filing for bankruptcy, make sure you have explored all other options. In a financial crisis bankruptcy may seem like an easy solution, but there are alternatives to look at. Keep in mind that bankruptcy stays on your record for 7 years after you file, so if you can pay off your debt in those years in may be a better option. In this article we look at alternative options to filing bankruptcy.
One of your main options is to reorganize your debt. There are many methods for consolidating your debt. Debt consolidation is basically replacing your multiple loans, with one single loan, usually secured on property. This loan can reduce your monthly outgoing interest payments, because you will just be paying one loan over a long period of time.
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Try selling off some of your personal pricier items. Like Craigslist is a free classified website you can use to post personal things you want to sell, like an online newspaper. If you calculate how much debt you have, go through your home and see what is in there you can sell. Selling off your things that got you in debt in the first place might not be ideal, but it is better than going bankrupt. Or think of the bigger items you can sell, house, cars, and large appliances. You can move into a smaller house and if live somewhere with a bus system, you can get around quite easily.
Try working more; ask other members of the household what they can contribute. You might have to temporarily get a second job or even ask for a raise at your current one. It would be better to go up and ask you boss for a raise, then to declare bankruptcy. The job market is hard out there, so if you have one and your spouse doesn't, maybe you can recommend them to your boss. Working together will be less painful, then waiting 7 years, for credit again.
Try talking or writing to your lenders and creditors, be very honest with them. Tell them you are going to declare bankruptcy, if they cannot help you. All banks and creditors want to get paid, sometimes they will let you pay back a tiny fraction of what you owe, or even lower your monthly interest rates. Be blunt with them; ask them what can they do for you and that you need their help. Don't try to play any of their games and if they do offer you something, read the fine print, they may off you a lower interest rate for a set time and then double it, causing you to be in trouble again.
Learn about bankruptcy and your local laws. Bankruptcy varies depending on what state you live in. You want to be familiar with the process and what happens, in case it does come down to this option. Some states you can declare bankruptcy and not even notice. Try to get a local bankruptcy attorney, you may think you can't afford one, but many will work 'pro bono' (free) for people who really need help, but can't pay.
If you done everything listed and still have no options try taking our free case evaluation, to see what can be done for you.
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