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Personal Finance Tips - Ways You Can Avoid Personal Bankruptcy And Keep Yourself Afloat!

As much as we hate it, debt just seems to be an every day part of life. It doesn't matter who we are, whether we are rich or poor, own a business, a home or whatever, some sort of debt is there lurking in the shadows. Sometimes that debt can seem overwhelming and that there is nowhere to run, but the thing is, we can't run from it, we need to face it head on. Sometimes you might feel as if there is nothing you can do but to file bankruptcy. But in reality, filing bankruptcy could destroy your credit and in today's world having bad credit is almost as bad as having a criminal record to some people. It's better if you can try and reach out and find other ways to handle your debt.

One way to try and help alleviate some of the burdens of debt is sitting down and considering the fact that you may have to sell some of your personal assets. To avoid the hassles of bankruptcy you may have to sell whatever you can let go of to be able to pay off your debts. You need to do this as soon as you realize that you can't make a lot of your debt payments. Sell furniture you don't need, jewelry and different pieces of electronics. You can do this by selling on eBay and Craigslist. You'll probably make more money by selling on eBay but Craigslist is quicker.

Stop and look at your budget, maybe there is a way to pay your debts off anyway without the dreaded help of a Chapter 13 or Chapter 7 bankruptcy. If you look closer at your budget look to see what luxuries you can completely cut out in order to take that money to use to pay your debts. Get rid of the cable, turn your cell phone off and just use your land line if you have both and stop going out to dinner until you have your bills under control. You may even want to either cut down on the speed of Internet you have or cut it off completely until you are caught up. Remember, this is just a temporary situation.

Call up your creditors and let know of your situation and see if there isn't something you can work out to where you can get your payments cut down somewhat. Believe it or not, they might be more than willing to work with you. After all, they would rather get some sort of money from you than no money whatsoever.

If your creditors are unreasonable and refuse to work with you personally then another choice you have is to contact a consumer credit counseling company. Here you can get the help of a professional to work with your creditors. Since this is all they do, they know far better how to handle a creditor than you do. They may be able to either get you a different payment plan or perhaps be able to get the creditor to reduce your interest rates.

Usually going to your family or your friends for money is not always the best idea but if you are in extreme trouble with your debts, then this could be the exception to the rule. Sit down and figure out how much money you are going to need to be able to avoid filing bankruptcy. Figure out just how much you can contribute and then go to family and friends and see if any of them can help you make up that difference.

If you are truly on the brink of bankruptcy you can always, as a last ditch effort, turn to a debt settlement company. Generally these should be avoided if you can, but if you have bankruptcy looming on the horizon, this is still a little bit better option. If you do have to settle for debt settlement it's not a good idea to include those debts that are extremely current. Just take the ones that are older and you may be late on paying and have those be the ones that are included in the debt settlement agreement.

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