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Alternatives to Filing Bankruptcy


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TERMINOLOGY

There is just no easy way to get out of debt, you have to face up to the consequences. A bankruptcy is not always the answer, as the effects are long lasting. There are four ways to handle debts that are out of control, listed in best to worst in regards to the effect it will have on your credit:
  • If your credit isn't in terrible shape, can you reduce your other expenses, even if it means making hard choices or just change your lifestyle to fit your income? Some ways to do this:
    1. Selling the second car
    2. Pulling equity out of your home
    3. Applying for a non secured signature loan
    4. Obtaining a loan from a relative
    5. Selling your home and paying off your debts with the proceeds and then renting
    6. Cashing out your 401K/retirement benefits
    7. Selling family heirlooms, jewelry, etc so you need to check with your state for details. Information dealing with Chapter 13 bankruptcy and consumer debt restructuring is not discussed in the above FAQs. The information contained in the following FAQs is provided for general information purposes only and is not intended to be a legal opinion nor legal advice nor is it intended to be a complete discussion of all the issues related to the area of Chapter 7 consumer bankruptcy. Every individual's factual situation is different and you should seek independent legal advice regarding specific information.