“I Don’t Want to Have to File for Bankruptcy… Help!”
Bankruptcy, the “B” word, is a word that carries a lot of negative connotation. Which is why so many people shudder at the very thought of it. 80% of Americans are in debt.
There are various reasons why people are living in debt, with home ownership, student loans, credit cards and medical expenses being the most common. When the bills keep piling up and you can’t seem to catch up, it might feel as if you are drowning underneath your debt and there’s no way out. If you can’t pay back the debts you owe, it may seem like bankruptcy is the only option.
Given the negative stigma that is associated with bankruptcy and the damage that it can do to your credit report, you may be wondering if there are alternatives. You’ll be happy to know that yes, there are ways that you can overcome debt that doesn’t involve filing for bankruptcy.
Sell Some Assets
Evaluate your assets and sell whatever you possibly can. Use the money that you make to pay off or pay down your debts.
Many people are surprised to learn that they have valuable assets that could afford them the ability to get out of debt and avoid filing for bankruptcy. Items such as jewelry, electronics, furniture and even vehicles that you have paid off are all options to consider selling. Is this a dramatic way to avoid bankruptcy? Maybe. But, if it can help you avoid filing, it is well worth it.
Speak to Your Creditors
Instead of dodging those phone calls from your creditors, answer them and discuss your financial situation. Keep in mind, however, that all calls are recorded from debt collection agencies. Also, make sure you know your rights through the Fair Debt Collection Practices Act.
Let them know that you are in financial distress. Most creditors would rather receive some money than nothing at all. They may be willing to lower your monthly payments or your interest rates. In fact, many lenders offer hardship programs that are designed specifically for this type of situation. Speaking to debt collectors can be tricky. If you feel you need further help communicating with debt collection agencies, call Tayne Law Group today.
Speak with a Debt Resolution Specialist
A debt resolution specialist can help get you back on track financially so that you can avoid filing for bankruptcy. Nevertheless, do your homework and don’t just jump at any offer you get from a company making unrealistic claims about resolving your debt!
Someone who specializes in debt relief will assess your current financial situation and come up with an effective plan of action to ease your burden. This may include negotiating with your creditors to help get your payments or interest rates reduced so that you can afford the monthly payments. It may also include developing a spending and savings plan that will help you with your finances in the future.
If you are in financial distress and think that bankruptcy may be your only hope, please contact Tayne Law Group, P.C. Our debt resolutions law firm is committed to assisting people with their financial burdens. We help clients overcome debt by offering feasible and effective alternatives to bankruptcy.
You can call Tayne Law Group at 1-866-890-7337 for a free, no-obligation consultation today! We will properly assess your situation and determine the best plan of action for your case.