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Helpful Money Saving Tips to Avoid Bankruptcy

Published on May 20th, 2019

Bankruptcy can cause not only financial hardship but it can be emotionally devastating as well. However, there are certain steps you can take to save money and avoid bankruptcy even if you are in debt. First, inquire if you can settle all of your debts by setting up a payment plan over a stipulated period of time. At the same time, take a good look at your budget and see where you can cut out unnecessary expenses such as cable television or your landline.

Another option before resorting to bankruptcy is to sell some of your property. Check and see what valuables you might be willing to part with such as antiques or jewelry. If you do end up having to file a Chapter 7 bankruptcy, a trustee will make the choice of selling certain items to settle your claim – wouldn’t you rather decide for yourself, and possibly avoid bankruptcy altogether at the same time?

Alternative Income Sources

You may be able to find alternative sources of income like getting a part-time job or working overtime. If you are self-employed, think about extra services you can offer that will help grow your business and increase your earnings.  

Contact Our Team Today

Bankruptcy will affect many aspects of your life and should be avoided if at all possible. However, if you feel it is your only alternative, reach out to the Rockford attorneys from American Law Firm to discuss your options. We understand what you are going through and we are here to help.

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