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Ways to Avoid Filing for Bankruptcy

Posted on in Bankruptcy

Bankruptcy is a difficult decision to make but sometimes it is the only option. If you having a difficult time paying your bills on time or at all, then bankruptcy should be a real consideration. But before you file any paperwork to begin the process, try these other options first.

One option is to you is to negotiate to settle your debts. Convincing your creditors to take smaller payments may be difficult but they may work with you if they feel that they will get their money. The alternative to a settlement might be a Chapter Seven or liquidation bankruptcy which can result in less of your bills being paid off. If you can restructure your own debts to a more manageable payment it may allow you to keep your property.

Another option is to take a proactive step before a bankruptcy trustee can by selling your stuff. This will allow you to dictate the property that is sold which can help to pay bills and may stop you from needing to file. It is slightly counter-intuitive because you are selling your property to not have your property sold but it might be beneficial.

Credit counseling may also assist you in becoming financially stable. They have experienced professionals who can get you on a payment plan and even lower your interest rates to make it easier to pay off your debts. It is also beneficial because receiving credit counseling is a requirement before filing for bankruptcy, so even if it does not work, you have not wasted your efforts.

As a last ditch effort, reach out to family members and friends who can lend you money. Rather than just asking for handouts, come up with a financial plan for how much money you will need to find your footing and how you can repay your debts. If you have tried all these avenues and are still coming up short, contact an experienced Cook County bankruptcy attorney in Cook County who can help you file for bankruptcy.

image courtesy of ponsulak / freedigitalphotos.net

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