If you currently have unbearable debts and thinking you wipe it with your application, declare bankruptcy, just to maintain your decision for a while, there may be other options. Try to improve your situation before you investigate the bankruptcy option. No matter which way you're going to see the score in 5 steps below to see if you can not perceive this drastic step.
1. Detail all debts
First, look at all secured debts such as mortgages and auto. How many payments each month? What is interest?
Then down all fixed costs such as meals, telephone, insurance, meals, etc. What is the total cost of these expenses are listed?
Follow the review of credit card debt. Take all your credit card and note the amount you need for each card and their interest.
Finally, we write all the other expandable, it is incidental expenses such as your entertainment, gym membership, meals at restaurants and other impulse purchases.
2. Avoid unnecessary costs
You should now have a better idea of where your money is going to make a diet plan for money, cash in your diet, list all their savings by eliminating the additional costs. You'll be surprised how much you can save money by carefully controlling their costs. Money can be saved for debt repayment are used.
3. Take your family and involve teamwork
Do it yourself, because together under stress, such as you can get out of control and can not think and plan a clear mind to know your family and your financial problems and work together to operations Household control costs and avoid unnecessary costs.
4. Withdrawal of money from your assets
If you have capital, you are in a better position, because you can refinance or get a secured loan to pay off debts. If you are looking for bankruptcy, the debt relief options can be no justice in their hands already. But actions are not only active people tend to forget that many things that the monetary value, but it has sentimental value.
Think antiques, old clothes or collectibles.
For all your assets, you can sell and make payments to. Check your closets, garage and storage space, she says, and quotes and find out what you can live without quotes. Then you money on flea markets, shops, transport or eBay. Use the money to pay its debts as far as possible.
5. Public Service to advise
Arrange a meeting with credit counseling agency, then let finance and budget counselor for your situation, you understand. Looking back on a debt management plan proposed to connect before you join the plan. You can see some plans from other agencies will receive credit counseling to compare. Choose what is best about your current financial needs. Although a debt management plan can have a negative impact on your credit, it's better than bankruptcy.
6. Get A second or part time job
Use of outside work on the second job or part-time. You can not make a lot of your work may be incomplete, some money comes in a precarious financial situation deteriorated keep.
Bankruptcy can be easy way out of debt, but the consequences can follow from 7 to 10 years. Always looking for other alternatives before choosing for this dramatic