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Alternatives To Bankruptcy




When you’re in a financial bind, bankruptcy is not the only

way out. There are many alternatives to bankruptcy if you

are willing to put out the time and energy. It could save

you much unnecessary hassle.


Bankruptcy is a difficult decision to make so it is best if

there is another solution out there for you.


Begin by calling your creditors. Most are willing to work

with you if you explain to them your situation. Tell them

you are considering bankruptcy.


In many cases, creditors are willing to work out a

different payment plan with you. Don’t hide from them

either. Be straightforward and open about your financial

situation.


Before filing bankruptcy, take a good long hard look at

your finances. Get organized and begin writing out a

budget. Start with your monthly income and deduct your

monthly household expenses.


Understand how you are spending your money and seek out

where you can make cutbacks. Perhaps buying groceries in

bulk, or cutting back on phone services or cable services.

Every little thing helps.


Next, you will want to take a look at your credit cards. You

may be able to take the balance from one with a higher

interest to a lower interest one. Then get rid of those

high-interest credit cards altogether.


Stay away from paying off credit cards with credit cards.

Other things you can try are refinancing a car loan or a

mortgage. Or perhaps you have some family members or

friends who are willing to pitch in to help pay off high

rate debts and avoid bankruptcy.


You can also get a Free Quote from one of our helpful Counsellors on how CCDR Can help!