Alternatives to Bankruptcy
According to a leading do it yourself web
site, there are several alternatives to filing for bankruptcy.
Sometimes it is unavoidable, however given the fact that it
stays on your record for some seven to ten years its good to
know there are some other options available to your family. Most
of the suggestions are fairly obvious, but in these uncertain
times and the desperate need for help many families face, we
wanted to reiterate the possible solutions:
- reduce expenses. The most obvious yet
the most difficult to do in many cases.
- negotiate rates with lenders and credit
companies. It never hurts to ask. Most of the time they want to
help you, but be cautious as they will want something in return
that benefits them. You must stay on top of any payment
arrangements you make or lose the deal all together.
- sell assets. Simply by checking your
attic you may find valuable collectibles or items to sell on
Ebay or to local antique/second hand stores.
- get a second job or start a home based
business for additional income. You may want to check your local
community calendar or small business administration on how to
start a small business or online business for no or little start
up costs. Have a great family recipe, then sell that product to
local store or on the internet.
-Finally, talk to a non-profit credit
counselor for additional tips and suggestions. These
professional work free of charge and may be able to assist you
stay out of bankruptcy.