Top Bankruptcy Alternatives


bankruptcyAre you struggling with your finances? You may think that bankruptcy is the only way to get out of your financial hole. However, you have many other options that you should pursue before filing for bankruptcy. What are some of these options that are available to you?

Debt Settlement

Many lenders will settle unsecured debts. Credit card debt is one type of debt that is commonly settled. What you need to do is get your outstanding balance, interest rate and the name of your lender. Make a phone call to ask for a settlement. It may take several attempts to get them to settle with you. Those who are current with their payments may have trouble getting a settlement. However, this works wonders when you have just lost a job or have had a significant negative change to your income.

Consolidate Your Debt

Consolidating your debt may be something that you can look into. The benefits of debt consolidation include a lower interest rate and having only one monthly payment. Balance transfers and home equity loans are two common ways to consolidate debt. With credit card debt, it is possible to transfer your balance to a card that has a zero percent interest rate.  Another option is payday loans.  You can consolidate your debt through payday loan services such as  jaguarpaydayloans.co.uk  and ensure that your debts are dealt with in a timely manner!

Enroll In A Credit Counseling Program

Credit counseling can keep your creditors at bay until you figure out a plan to deal with your debt. Credit counselors can help you create a debt management plan as well as teach you basic financial skills. You will learn how to budget and develop habits that will enable you to create a stable financial future for yourself. Credit counseling may even allow you to lower the balance on your debt as well as lowering your interest rate. This is because debt relief companies will work directly with your creditors on your behalf.

Hire An Attorney

This will stop the harassing creditor phone calls that you are receiving. People may turn to bankruptcy out of desperation simply because they want the phone calls to stop. However, the phone calls must stop if you designate a third-party as a trustee to your debt obligations.

Don’t go rushing into bankruptcy if you can help it. You have many options in front of you that don’t involve ruining your credit for the next several years. Talk to your creditors, credit counselors or a lawyer to discuss your situation. It could help you avoid bankruptcy and the negative consequences that come with it.  I’m from San Diego so I can recommend any of the  San Diego Bankruptcy Attorneys from Doan Law Firm.  They are top notch!

photo by andrewbain

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

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