Are you to late to avoid bankruptcy? maybe selling your house fast to pay off bills and renting till you get off your feet might be an option. You can sell your house in as little as 3 days and get cash right away so you can avoid bankruptcy. Debt can always be reduced when you are trying to avoid bankruptcy. It can not only effect your credit score but also can leave you unemployed. This can also hinder your ability to receive credit for the future. Although it may mean a clean slate, it can also can bring problematic issues to bring about responsibility for you paying a portion for your debt after the bankruptcy process is filed. Bankruptcy stays on your record, and because of that we have some tips on how to avoid it. Here are the tips and options below;
Tip 1: Increase your income – Although it sounds easy, you can bring more income to your life. Whether it is getting a second job, obtaining more hours at your current job or even doubling your income with a side business. These are all ways in which you can increase your income.
Tip 2: Reduce your monthly income budget– Cutting ties with extra necessities; whether cable or gym membership can change your income requirements so that you don’t spend more than you make. The key is to always have enough in your budget saved for a rainy day. Sometimes even getting coffee in the mornings can be small expense that is used for savings that will eventually be spent elsewhere when needed.
Tip 3: Talk to creditors – Although this is another option that most don’t go with and that we don’t recommend often you can always look at this option. This option can help you possibly reduce your payments and/or even freeze your interest rates for the future. The only issue with this option is that you may have to negotiate with credit card companies so that you come out on top.
Tip 4: Dump the debt – If you have even the smallest debt, it is advised that you pay off that debt as soon as possible. This may seem like a no brainer, but one of the biggest tips that we have is to pay off the debt you have as soon as you have the extra money, because believe us when we say that the debt will pile on when you don’t take care of it ASAP. Whether this means paying off a credit card, your car or even catching up on school loans, this can greatly help you avoid bankruptcy.