Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

When you are under debt, it is vital that you prioritize which debts to pay first. This article discusses some highlights from a series about choosing your debts. For more detailed information, please visit the St. Louis Bankruptcy Blog.

So where do you start? Your first duty is to your family. Any bills associated with keeping your family housed, fed, and healthy should be addressed. This includes your mortgage. If you are facing foreclosure, don’t panic. There are options available to help you save your home.

You should also be trying to pay any bill associated with the government like child support or back taxes. The government is not just any creditor—they have different methods for collecting your debt.

Debts that are not tied to your home, your car, or the government can be put at a lower priority. Credit card bills, doctor bills, and debts from store accounts fall under this category. But be careful—these debts must still be paid.

Here are some other guidelines that may help you prioritize your debt:

• Don’t move a debt up in importance because a creditor is harassing you or threatening your credit score. Stick to the plan you’ve made.
• Don’t ignore your debt.Taking no action won’t change your situation and will eventually make it worse.
• Look at your options. It isn’t always easy to ask for help. If you ask yourself, "Is my situation going to be better soon?" and the answer is "No," you may want to consider a free consultation to get help with your debt.

Don’t wait to get help with your debt. If you’d like more information, you can go to our blog or request a free copy of my book, "Get Out of Debt: Secrets Your Creditors Don’t Want You to Know."