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How to Survive a Financial Crisis

Posted on in Bankruptcy Attorney

While the unemployment rate has been trending downward since the apex in the beginning of 2010, it does not mean that everyone is in a better economic situation. If you are still struggling with a personal financial crisis, then there are certain steps you can take to get back on the right track.

The first step is to put your current debts in order. That requires you to understand what debts you have and prioritize them in the most helpful way. The bills that are delinquent must be paid first. Then the remaining debts should be arranged so that the amount subject to the highest interest rates or highest late penalties. Your budget should also be reviewed. Look to eliminate unnecessary expenses like name-brand products, memberships and other superfluous expenditures.

The second step is to put your plan in action and start paying off your debts. This means paying off the bills that are the top priority based on interest rates, over limit fees, and past due penalties. It is also a good idea to reach out to the credit card companies that you owe money to. Credit card companies are interested in getting their money and might be amenable to cut down your total bill if you pay in a lump sum.

At this time, the third step would be to survey the damage that has been done to your credit score. The nice news is that these credit reports are free. There are also monitoring services which cost money but allow you to track your score as you rebuild your credit. If you are unable to apply for normal credit cards, then a secured card can help you to your goal.

If you have tried these steps and an unable to keep up with your bills, then you may want to consider filing for bankruptcy. Once you file, your creditors will not be able to contact you and you can receive a stay on having your house foreclosed or your car repossessed. Contact an experienced bankruptcy attorney in Cook County today to find out what the next steps are in the process.

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