For one reason or another, every day more and more people are seeking bankruptcy protection. While filing for bankruptcy is a viable option for people struggling with too much debt, it shouldn't be viewed as the only way to get a handle on your finances. Even with mounting debt, there are ways in which you can avoid filing for bankruptcy and still pay off your debt and get your financial situation under control.
Ways to Avoid Filing for Bankruptcy
In our opinion, some of the best ways to avoid bankruptcy are also some of the simplest. For example, do not spend more money than you bring home. Furthermore, do not charge more money on your credit cards than you can afford to pay off each month. Creating a strict budget is also good way to monitor your finances and control your spending habits. Saving a set amount of money each month is another good way to avoid bankruptcy. With extra money in the bank, you will have resources available to you in the event of an emergency. Another way to avoid bankruptcy is to apply for insurance coverage, especially car insurance, homeowner's insurance, and medical insurance. In the event of an accident or emergency, a large portion of your expenses will be covered by your insurance company, so you will not have to go into huge debt.
Personalized Help for Your Unique Situation
If you are having a difficult time paying off your debts, speaking with an experienced New York bankruptcy attorney will be highly beneficial. At Jacoby & Jacoby, we have more than 50 years of combined legal experience, and can review your situation to help you come up with a viable alternative to filing for bankruptcy. Although filing for bankruptcy may be the "easier" choice, it will also be more detrimental to your credit score, which can affect your ability to apply for loans, buy a house, or buy a car. When you come to meet with a bankruptcy lawyer at our office, you can trust that we will explore all possible available options for avoiding bankruptcy!