Six Ways to Stay Out of Bankruptcy
For those of you with a lot of bills, you probably are thinking that your only way out is bankruptcy. But, you may be wrong. Let the lawyers at the firm of Zalutsky & Pinski LTD guide you through all the possible solutions. We have 7 convenient offices located in the greater Chicago area and offer free advice on your first visit.
Here are six steps that may keep you out of bankruptcy and put your finances under control.
- List your monthly expenses. Write down all your bills, plus their interest rates, how much the payments are and the balances. Put down your other bills like credit cards, utilities, food, insurance, etc. Be specific with all details. Which ones are essential like food and rent and which ones aren’t like your entertainment bills or impulse buys on your credit cards.
- Get rid of any non-essential expense using the above information. Then, add up the money you save by not putting cash out for the things you don’t need. You might be shocked at the amount left. This new-found cash can be used to help pay off the other debts.
- Involve your family in your budget plans. If everyone is aware that the family is paring down its expenses, they will be able to help.
- Look at the possible solution of cashing in on any equity or other assets. Your home could be refinanced for a lower rate, or its equity could be used to get a loan to pay off higher interest bills. It you don’t own a home, perhaps you have other valuables you can sell and use the money to pay bills. This isn’t always a good idea, but it’s worth exploring sometimes.
- Consider consumer-counseling services. Several non-profit consumer credit counseling offices exist to teach consumers how to get out and stay out of debt. Their job is to draft up a budget plan and help you get your debts paid off as fast as possible with as low a rate as possible.
- Get another job. It may not pay much, and may be hard to get, but if you manage to get one it can go a long way to helping you get the bills paid.
In the end, bankruptcy may be unavoidable. The best thing you can do is get some good advice from someone with experience. Call us today at 312-273-1217 to set up a free consultation. The advice is free, so you have nothing to lose. If bankruptcy isn’t the right answer for you, we’ll tell you. Call today!
By Kerrie Neal