4 Things to Consider Doing before You File for Bankruptcy


When you're having a hard time financially, it can affect every area of your life. You may be thinking about filing for bankruptcy, but before you do that, it's important to take the following actions to see if there are other options for you. 

Negotiate with Those You Owe

You might be avoiding calls from your creditors, so it may surprise you to learn that talking to them might help you in the long run. Ask whether you are eligible for a reduced payment plan or whether they offer delayed payments for those having financial hardships. The creditors may not be able to help you, but don't assume this is the case; ask.

Talk to Friends and Family

If you're like many people, you avoid talking about your financial problems with other people, even those you are close to. Have an honest talk with your loved ones so that they understand what is happening in your life. Whether they offer to lend you money or not, they may have ideas about how you can handle your financial problems. They can also offer necessary emotional support.

If your friends and family do offer to lend you money, be sure to set up a plan to pay them back. That way, they can feel confident about helping you during this time.

Consider Starting a Business

If you are having a hard time making ends meet, you have likely already thought about getting another job so that you can generate additional income. However, you might not have room in your schedule to work multiple jobs.  That's why starting a business might work for you.

Starting a business might seem complicated, but you can start out small. What services might you be able to provide to others in your community? For example, can you mow lawns or run errands for others on the weekend? Providing services to people according to your schedule might give you the extra money you need to fix your financial problems.

Refinance Your Mortgage

One thing that may help you to deal with your financial situation is to refinance your mortgage. By seeking a lower interest rate on your mortgage, you will be able to free up funds to pay your other bills. 

Use the suggestions in this article to determine whether you can make things easier for yourself financially before choosing to file for bankruptcy. Talk to a bankruptcy lawyer about whether bankruptcy will work for you. Visit sites like http://www.howardgoodmanlaw.com/ to find the right lawyer for you.


29 June 2015

Resurrecting Your Business

When I was a child, I regularly visited a local department store. At this lovely business establishment, one could purchase many items including clothing, shoes, and even hotdogs. Sadly, due to competition and other factors, the store closed its doors for the last time several years ago. If the owners of the store had considered bankruptcy options, they might still be meeting customers’ needs today. On this blog, you will learn how to resurrect your business with available bankruptcy alternatives. Regardless of whether you choose to liquidate your assets or reorganize your entity, the opportunity to remain in operation might be an option for you.