Oh No! Not Again: Tips on Avoiding a Second Bankruptcy

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Avoiding a Second BankruptcyGoing through the process of filing for bankruptcy can be very stressful. Seeking out the help of knowledgeable legal professionals is a must when trying to get through the bankruptcy process with ease. Nearly 600,000 file for bankruptcy each year and most of them are under the age of 40. One of the main goals you need to have after filing for bankruptcy is not having to file again. There are a variety of things you can do to avoid filing for a second bankruptcy and here are some of them.

Talk with Creditors About Renegotiating Your Debts

If you get to the point where you are not able to meet the payment schedule that was set forth in your original bankruptcy filing, then you will need to talk with your creditors. Simply avoiding them will only make matters worse and may lead to you having to file a second bankruptcy. Most of the creditors out there would rather renegotiate the existing payments rather than have to pay more money and spend more time going after you in court. By taking the time to talk with your creditors, you will be able to get these matters resolved without having to file a second bankruptcy.

Selling Some Assets

The next thing you need to think about when you feel yourself heading for a second bankruptcy is selling off some assets. While no one wants to part with possessions they have worked hard for, but sometimes this is the only way to get money needed to pay creditors. If you do not have many valuable assets to sale off, you may want to see about getting a second job. With a second job, you will be able to put more money towards paying your debts and can avoid having to file for bankruptcy a second time.

Seek Out a Loan From Friends and Family

One of the hardest things most people will do in their life is ask for help with their debts. No one likes to admit defeat when it comes to their debts, but in some cases help is exactly what you need. If you are finding it increasingly harder to pay your bills, you need to talk with friends and family about securing a loan. By getting a loan, you will be able to pay off your debts and get yourself out of a financial bind.

If you are unable to get a handle on your debts and need to renegotiate payment terms with your creditors, then call on the team at Badgley Law Group for help. For years, we have helped people file for bankruptcy when times get hard. Our team will be able to listen to the details of your case and then offer you guidance on what your best course of action is. If you want to come in for a consultation with our lawyers, give us a call at 407-706-3474 to speak with a member of our team.

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