No one wants to go bankrupt. Filing for bankruptcy is legally declaring yourself unable to pay for your bills and that all of your assets are distributed to your creditors. Chapter 7 or 13 can stay with you up to ten years on your credit history, damaging your chance for a decent credit score, ultimately hurting and limiting your financial options. Sometimes, going bankrupt can't be helped, but there are ways to avoid it before it even begins.
Get Financial Counseling First Before Doing Anything Else
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The reason why you're on the verge of going bankrupt is probably because you're not sure where in your finances you have gone wrong. Talking to a financial counselor can help you figure out what went wrong and get your financial situation back on the right track. Financial counselors can help:
- Make a budget to help you avoid bankruptcy now and prevent bankruptcy in the future
- Understand your options, legal rights, and responsibilities
- Work with your creditors
- Find programs that offer you legal, financial, or other help
Don't Put it Off, Talk to Your Creditors Right Away
Nobody wants you to go bankrupt, not even your creditors it costs everyone involved a lot of time and money. When you think you are starting to fall behind and it's getting harder to pay off your debt, talk to your creditors right away. The longer you wait, the fewer options you have to stay out of bankruptcy.
If Necessary, Adjust Your Housing Costs
Most housing expenses tend to be high, but if it is too high, you can make them lower by shopping for lower homeowner's insurance, property insurance and have the option to refinance your house and take out a second mortgage. Your housing costs should range from about one third to one fourth of your total household income.
Create a Monthly Budget
Create a budget that is as detailed as possible with your most essential expenses, which includes your mortgage payment, rent, food, transportation, etc. Remember, a budget is only practical if you adhere to it, so ensure that you have sufficient capital to cover all the expenses in your budget.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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