Contrary to popular belief, declaring bankruptcy is a legal means of settling debt and getting a new financial beginning. Most individuals choose to avoid bankruptcy due to shame, or simply because they don't know how bankruptcy really works. While it may be recommended in some cases, declaring bankruptcy must be treated seriously as it will have a long-term financial effect on you.
It's still best to resolve your debts through the usual means first, and have bankruptcy as your last resort when all else fails. Knowing how to resolve debt without declaring bankruptcy can save your credit rating from plunging, and you can also avoid the expenses associated with declaring bankruptcy.
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Settling excessive debt without opting for bankruptcy can be hard. There are no easy solutions for this -- your chances of getting hit by lightning are higher than your chances of hitting the lottery jackpot, for instance. Firstly, collect and review all your financial documents and determine your exact financial standing. This may seem daunting, but it's important to be able to compare your debts with your income.
You can always come up with a budget and sacrifice a few luxuries. This way you may be able to settle your debts in a few years. You don't have to starve yourself, but be ready to tighten your belt and avoid unnecessary expenses. You must foresee and determine whether you can meet your obligations after making some sacrifices. If you still can't get out of the mess after such measures, then you may have to seriously look into bankruptcy.
If you're healthy enough and can still handle a second job, then go for it. A part-time job can do wonders to your financial health. Many people have risen from their debt problems simply by starting a job or tiny business on the side.
It's also a good idea to work with your creditors. Negotiate with them and try to reduce your total debt. Some creditors will willingly help you and sometimes lower the amount, or they may come up with a payment scheme that's easier for you.
Filing for bankruptcy should only be a last resort. Consider bankruptcy only after discussing it with a lawyer, just so you know whether there are still other options you can take.
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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