Talking to Your Attorney about Bankruptcy Alternatives
For many people, bankruptcy is their only option to get out of financial trouble. For others, bankruptcy is and should be a last resort, something that they do not do until they have exhausted all other options. Either way, if you think that a bankruptcy may be looming in your future, talk to an attorney in Louisiana about whether it might be right for you now, down the road, or sooner than you think. A qualified bankruptcy attorney will be able to tell you based on your current income, debts, and expenses, whether bankruptcy is right for you. If you are considering bankruptcy but want to try to get back on your fiscal feet on your own first, here are some things you might try.
Set and Stick to a Budget
By establishing and sticking to a budget that dictates what you should or should not spend money on, what things are needs right now versus those things you badly want, you can save yourself lots of money and dig your way out of debt a lot quicker than you might realize. Go over your bank statements for the past few months and highlight any of those things that you wanted in the moment that in hindsight you realize you really could have done without. If you find that you are going out to eat frequently, consider cutting back to once every week or every two weeks. If you are going to movies often, think about whether you might be able to watch a movie at home or wait until the movie you want to see comes out on video. Budgeting is all about cutting back, not cutting everything out. There are probably many ways that you can save if you take the time to review the situation and brainstorm money saving methods.
Make More Money
Once you have figured out your budget, and are living within your means as best you can, and you have cut costs everywhere you possibly can for the time being, and you are still struggling, rethink your income. It is not always possible for someone to make more money, but if you are trying to avoid bankruptcy, it is worth a shot. Maybe it is time for you to ask your boss for that raise he has been promising you. If you or your spouse stays home, perhaps you can look into getting a part-time job or getting some work to do remotely. There are many jobs that people can do from home that may not require large amounts of time. If it is more income you are interested in, talk to friends and family about flexible jobs that they know of.
Refinance and Consolidate Where Possible
If you are budgeting and sticking to your budget, and making any extra income is not possible for you, it may be time to look into consolidating loans or refinancing your mortgage or auto loan. Refinancing your mortgage and car loans can save you a lot of money each month and involves shopping around to get the best rate. If you think bankruptcy might be right for you, talk to your attorney in Louisiana to determine whether bankruptcy is best or if there is another option that works better.
Filed under General Law Topics by Terry