The first thing you should know is that avoiding bankruptcy should only be temporary. If you’re in debt and facing financial difficulties, bankruptcy is your best option for receiving a discharge, repaying your debts through manageable payments, and regaining your financial security. Postponing your bankruptcy is only good if you’re not yet ready to hire Chula Vista, CA’s reputable bankruptcy lawyers and start your process. There are several ways to do this.
How can I avoid bankruptcy?
It doesn’t matter if your debt is large or small. What matters is if you become unable to repay it. This is when the creditors can come, demanding their installments, and put you through an extremely stressful time.
That’s why it’s not good to avoid or postpone your bankruptcy. Filing bankruptcy is probably your best bet at getting out of your debt and finding your feet again. However, if you’re not ready to file just yet, there are several things you can do to avoid filing, at least for a time.
Use cash
First and foremost – stop taking additional debt on your credit cards and resort to using cash as much as possible. This way, not only will you prevent accumulation of even more debt, but you’ll also learn to manage your finances a lot better by purchasing only those items you can afford with the money you have. Otherwise, you’ll only end up with more debt.
Keep track of the spending
Start using a monthly expense and income sheet to keep good track of your spending habits. This way, you’ll identify how much you’re spending and if you can actually afford to spend that amount of money with your current income. Also, you’ll identify all the potentially negative habits in your spending pattern, allowing you to eliminate and change them.
Settle the bills
If you’re facing financial difficulties, focus on paying your bills first if you can. This way, you’ll prevent adding more debt through unpaid bills. Also, not paying your bills on time will only lead to further financial problems and negative consequences for your credit score.
Update your plans
You might have several outdated plans by different service companies that you can update and save money on them. Old plans for internet, cable, and cell phones could be much more expensive than they need to be, and updating them will bring significant financial benefits.
Try to reduce your rates
Sometimes, all you need to do is reach out to your credit card company and see if they’re willing to reduce their rates for your credit card debt. Also, don’t forget to ask them if rate reduction involves any fees.
Who are Chula Vista, CA’s most reputable bankruptcy lawyers?
If you’re not ready to file for bankruptcy, you can try some of these tricks to avoid and postpone it. However, know that bankruptcy is your best way out of debt, so you should learn about the history of bankruptcy in the USA and explore the statistics that show how bankruptcy helps people across the country regain their freedom. Finally, see what some of the most important facts about bankruptcy are if you’re still not sure if you should file or not.
Then, once you decide to file bankruptcy, come to the leading bankruptcy lawyers in Chula Vista – Chang & Diamond. If you’re aiming toward a successful and seamless bankruptcy, you can count on us. We have the experience, skills, knowledge, and expertise to handle different types of bankruptcy cases with the same level of professionalism. Come to us for a free consultation and start enjoying Chula Vista Marina without worrying about anything. Call today!