How We Can Help you

Bankruptcy Blog

Library

Can You Avoid Bankruptcy? | Missouri Bankruptcy Lawyer

At Castle Law, we understand that bankruptcy is not the best option for everyone – and that if bankruptcy can be avoided, it should be. Before you jump into a Chapter 7 or Chapter 13 bankruptcy petition, it is always a good idea to carefully examine your debt and discuss alternative options that could be viable.

If you are struggling with debt, try these tips before considering bankruptcy:

• Talk with your creditors. Your creditors are probably harassing you – and you are probably avoiding their calls and letters. Call the company and discuss your debt with them seriously. Before you call, make sure you fully understand your financial situation and know how much you can reasonably pay.
• Get financial counseling. Financial counseling can help you better understand why you are in debt and give you tools to improve your situation. It can also help you determine whether or not it is possible to pay back your debts.
• Examine your expenses. You will never get out of debt if you are spending more than you make. Sticking to a firm budget will help you stop your debt from increasing and make it easier for you to stick to a repayment plan.
• Consider selling assets. Getting out of debt may be as easy as downsizing your house, selling some of the things that you bought on your credit cards, and making some sacrifices. Perhaps getting out of your too-big mortgage may be all that is stopping you from tackling your debt and starting fresh.

While these tips can be very helpful to some, other people struggling with debt can’t be fully helped by these steps. In some cases, there is simply too much debt to tackle and your creditors are simply too overwhelming. In these cases, you should discuss your debt problems with an experienced bankruptcy lawyer.

Got A Question?

News

FAQs

Videos