Chuck Brown
The Trail Dancer

If your costs are teetering on the border of bankruptcy, it’s time for you to take a nearer look at your alternatives. While personal bankruptcy isn’t ideal, there are still things you can do to avoid it—if you react fast.

Lessen Overhead — Slash unneeded spending and stick to your budget. Then you will have more money to funnel toward debt repayment. Start by determining the “four walls” of your bills: food, utility bills, housing and transportation. Following, consider when you can cut any kind of non-essential spending like eating out, shopping and entertainment. Finally, minimize gifts to family and friends right up until you get those finances in better condition.

Boost Income – Getting more money coming in may be tricky, but it is important to do whatever you may to avoid bankruptcy. Try working extra several hours, taking on a second job or perhaps selling a number of your investments. Another option is usually to ask a pal or family member for a loan—though this path should be a final measure, as it could strain romantic relationships and leave you even further in financial trouble.

Examine Types of Financial debt – Not every types of debt may be discharged through bankruptcy, including child support, most spine taxes and student education loans. If a significant chunk of the debt is normally non-dischargeable, alternatives to personal bankruptcy for instance a debt management strategy may be more desirable.

Identify what personal bankruptcy solutions you will need based on your buyer category. Bankruptcy software simplifies case management and reduces manual work with features like electronic filing, variety automation and legal form libraries.