5 Strategies to Avoid Bankruptcy

It is often difficult to stay above financial waters when you feel as if you’re drowning in debt. Avoiding bankruptcy is often the end goal; however, when the bills are piling up and creditors are calling, you may feel like there is no relief in sight.

Take action to reduce your debt and rise above the sinking water with these tips to avoid bankruptcy.

  • Review Your Credit Report: Know where you stand financially before determining how to proceed. Identify how much you owe to creditors to ultimately launch a plan to reduce your debt.
  • Eliminate Your Credit Cards: It is too tempting to make purchases you don’t need when you have too many credit cards. Cut up the excess cards and just keep one for emergencies so you are not tempted.
  • Sell Off Some Assets: Evaluate the material items you own to determine what you can and can’t live without. The cash you earn from selling electronics, furniture or valuable antiques can be used to make payments to your creditors.
  • Investigate Debt Consolidation Options: Reduce your stress level and the total of your monthly debt payments by considering a debt consolidation loan. One lower payment each month can help you catch up on other financial obligations.
  • Create a Budget: Take a cold, hard look at your spending trends compared to your earnings. If you are living above your means, a budget can help keep you on track.

Learn about more ways to avoid bankruptcy by consulting with an experienced attorney with the Buettner Law Group. Contact us to see how we can help.

Please contact our law office concerning your case. The content of this article does not constitute an attorney-client relationship.