Sometimes, we talk to potential clients who are surprised when we tell them that bankruptcy might not be their best option. During every free consultation, we map out the financial picture for a potential client, then walk them through every available option.
Many times, people are overwhelmed by their mountain of debt. Someone told us recently that they felt like they were trying to dig a hole using a single chopstick. Even though it feels like a lost cause, many times you can avoid bankruptcy by using one or two of these tips:
1. Talk to your creditors
It never hurts to ask for a little help. Hopefully, you know everyone that you owe, but if you’re not sure, pull your credit report. Make a list of everyone you owe, and how much you owe each institution. Figure out how much you’re able to pay each one. Call each company you owe and tell them that you want to pay off your debt, but you’re only able to afford a certain amount. Sure, debt settlement will go on your record – but it’s better than not paying anything and letting your debt continue to spiral out of control.