How to Get Out of Debt Without Filing for Bankruptcy
By Brenner Spiller & Archer, LLP | February 11, 2020
Bankruptcy isn’t right for everyone. That might sound odd coming from a law firm that specializes in bankruptcy cases. We’re here to help anyone who is confident they want to file for bankruptcy, but we’re not going to sugar coat it.
Getting out of debt is hard. There’s no getting around it, you will need to make sacrifices, swallow your pride, and difficult decisions to dig yourself out of the hole. If you’re not comfortable filing for bankruptcy, there are some things you can do to avoid it.
3 Ways to Get Out of Debt Without Filing for Bankruptcy
1) Ask your family for money. This option always makes people cringe. Nobody wants to admit to their loved ones that they need financial help and asking for handouts can be uncomfortable and embarrassing, but sometimes you don’t have a choice. You’re in a bad situation, and family members may be willing to help you out of it.
2) Financial restructuring. This includes working out deals with your debtors and coming up with debt consolidation or settlement plans. It could also include refinancing your mortgage to make it easier to pay back your debtors.
3) Sell your assets. One of the main reasons people fear chapter 7 bankruptcy is because they don’t want to lose their home or possessions. While you may not sell your home, you might have to sell some of your other major possessions (cars, boats, etc.) in order to avoid bankruptcy.
Again, the process of getting out of debt can be painful, but sometimes you have to make difficult choices to help your family. Unfortunately, sometimes even the things mentioned in this article aren’t enough to make things right. Bankruptcy might still end up being your best chance to start over and give yourself a better future.
Considering Bankruptcy? Work With Our Experienced Bankruptcy Attorneys In NJ
This article should not be taken as legal advice. If you’re considering bankruptcy or another legal option, you need to consult an attorney for guidance. If you’re in New Jersey and seeking legal assistance, we can help you.
Brenner Spiller & Archer, LLP is a New Jersey law firm that is dedicated to helping families find relief from the burden of debt and other financial woes. For more than 35 years, our bankruptcy lawyers have provided effective guidance on all debt relief matters to clients throughout Central and South Jersey.