6 Sure-Fire Ways to Avoid Plunging Into Bankruptcy

6 Sure-Fire Ways to Avoid Plunging Into Bankruptcy

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Everyone’s worst financial nightmare is that they are going to spiral out of control to the point where they have to file for bankruptcy. Luckily, there are ways for people to avoid finding themselves in this situation and some things that you can do before you make the decision to file for bankruptcy. These are all things that you can do before you decide to get help from someone like Abakhan & Associates Inc. Remember to keep calm during your financial storm, and remember the tips outlined below.

Selling Some of Your Resources

Before you file for bankruptcy, think hard about what you have around you that you can sell for some quick cash. There are always things around the house that you are able to get by without. If you have furniture, jewelry, a boat, extra cars or anything that can be sold in a garage sale, then you can get rid of that as fast as possible. You could sell these on any online retailer, or you could go the old fashioned way and hold a yard sale. 

Paying Off What You Owe

Is it possible that you could come up with a plan to pay off your debt? If you can cut out some extra expenses in your life that you don’t really need, it’s possible you could save enough money to pay back what you owe without filing for bankruptcy. Maybe you have a hobby you’re good at that you could use to make some extra money on the side. 

Work With Your Creditors

Call your creditors, and ask them to work with you to find a way for you to get them the money. They would much rather that you pay a little bit back at a time than to get no money at all. Many banks have hardship programs for the situation that you are in, so talk with your creditors and bank to see what you can do. 

Get Help With Your Credit

Find someone who is an expert in credit counseling to help you out with your situation. They have experience in dealing with creditors, so it’s good to have someone on your side. They will also help you to understand what is happening in your situation and provide you with advice on how to dig yourself out of the hole. 

Talk With Those Around You

Talk with the people who are closest to you to see if they are able to help you out. Although nobody wants to take money from their family and friends, this may be a better option for you than to file for bankruptcy. Make sure you talk with them extensively and work out a repayment plan before doing anything final. 

Restructure Your Mortgage

For those who are paying off a home, you may be able to restructure your mortgage so that you can save some money to put toward what you owe. You will have to speak with your lender to determine whether this is a feasible option for you. Or, you could completely refinance your home. 

These are just a few ways for you to avoid filing for bankruptcy, and there are many more options for you out there. No matter what you do, make sure that filing for bankruptcy is the absolute only option that you have left.

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Categories: Bankruptcy

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