|
SolveYourProblem.com
Article Series: Debt Relief & Debt Consolidation
I Want To Get
Rid Of My Debt...NOW!
What to
Do If You Are Considering Bankruptcy
Filing for bankruptcy
is an extreme move, not a quick fix. It’s a long, painful
process with a huge stigma,
and it will be difficult (but not impossible) to be able to
get any kind of credit for ten years afterwards. Yet
bankruptcies are
on
the rise. Out
of ignorance or stupidity, more and more people seem to be
using bankruptcy as a first option, instead of a last resort
(if you have no assets or your state cannot reposess what
you do own, you are exempt from this last statement). Before
you do it,
make sure you’ve considered every alternative.
Have You Reorganized Your Debt?
If you haven’t
tried debt consolidation or negotiation, you really should.
Yes, you’ll have to pay back your debts eventually, but surely
that’s better than bankruptcy, isn’t it?
Sell Everything You Can.
It’s better to sell everything you own than it is to go into
bankruptcy. Move to a smaller house. Sell your cars and take
the bus. Take a good, hard look at your life, and realize that
there are very few true ‘basics’: you can do without almost
everything. Your house is probably full of quite valuable things
that you never use, so bite the bullet and get rid of them.
In short, subtract your debt payments from your income, and
live like someone who earns that much.
You are going to lose almost everything you own if you declare
bankruptcy, so you might as well try to sell it yourself at
a better price and avoid the bankruptcy issue altogether.
Work More.
If you can get
extra hours, do it. Being bankrupt can be an indignity that
you should at least try going to your boss
and asking for a pay rise or promotion. After all, the worst
they can do is say no. They’re going to find out about it anyway
if you declare bankruptcy, and they might wonder why you didn’t
come and ask for their help. Also, if you’re married and only
one of you works, try to get the other a job – you never know,
it might even be fun!
Use the Power of Threats.
One of the best things to do when you’re considering bankruptcy
is to write a letter to absolutely everyone you owe money to,
letting them know. Make it a very clear threat: “if I cannot
find a way of paying my debts then I will be forced to file
for bankruptcy”. Most creditors would rather let you pay back
a tiny fraction of what you owe than have to try to get money
out of a bankrupt.
Know Your Local Laws.
Bankruptcy laws vary enormously depending on where you are.
There are some places where you’ll be forced to give up everything
you own to pay your creditors, some places where you at least
get to keep your house, and some where you can declare yourself
bankrupt and not even notice! Try to get a lawyer – you might
think that you can’t afford one, but many will work ‘pro bono’
(for free) for people who really need a lawyer but can’t pay.
Click here to discover my current SolveYourProblem recommendation and choice pick for the fastest, easiest and best debt relief solution you'll find anywhere. Get it and reward yourself with more cash in your pocket.
# # # # #
by SolveYourProblem.com
: 2006
> Home > Debt
Free Articles: Main Page
|
