Our Attorneys Teach You How to Avoid Bankruptcy
Follow these simple steps to avoid having to file for Chapter 7 or 13 bankruptcy
While in the long run filing for bankruptcy can certainly help you to regain your financial footing, it’s certainly preferable to avoid the process altogether. With this in mind, the lawyers of Mara & Mara, Attorneys at Law have developed some tips for people to completely avoid the bankruptcy process:
Budget your finances. Following a budget will help you avoid overspending, which is one of the most common ways that people fall into bankruptcy. An accountant or an attorney can help you draft a budget that works for your personal financial situation.
Reduce your expenses. Living more simply is an easy way to prevent yourself from needing to file for bankruptcy. Once you realize that your non-necessities make up too much of your monthly spending, you can cut back in those areas.
Be careful with credit cards. You might want to consider avoiding credit cards altogether if you know you’re likely to go into debt with them. If you choose to use credit cards, always pay off your bills as quickly as possible to avoid having interest pile up over time.
Restructure your mortgage. Restructuring your mortgage could help you to free up some cash. You can do this by either refinancing or by arranging a mortgage workout agreement.
Consider debt settlement. This is an option for those whose debt significantly outweighs their income. You can attempt to negotiate with creditors to reduce the balance that you owe. You may wish to speak with a lawyer for more advice.
Contact a seasoned lawyer for more tips on how to avoid bankruptcy
For more information and guidance on avoiding bankruptcy and for any other bankruptcy questions you might have, call Mara & Mara, Attorneys at Law today at 386.310.2685 or contact us online. We want to help you stay secure with your finances and avoid harassment from creditors. Our team proudly serves Ormond Beach, Daytona Beach, New Smyrna Beach, Palm Coast, De Leon Springs, Flagler Beach and the surrounding areas.