Contrary to what many people believe, bankruptcy is a legitimate way of getting rid of overwhelming debt and getting a fresh financial start. Far too many people avoid bankruptcy out of embarrassment or because of poor advice when it might be the best solution in their situation. Still, declaring personal bankruptcy should not be treated as a casual event, but rather as a serious financial step that has long-term consequences.
So if you can get out of debt without filing for bankruptcy, that's a good thing. Learning how to get out of debt without filing bankruptcy is important because it can save you years of damaged credit, as well as the expense and effort of the bankruptcy process itself.
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So how can you get out of serious debt without actually declaring personal bankruptcy? Well, there are no overnight solutions unless you win the lottery or get an inheritance. (And you shouldn't count on either of these. If they happen that's great, but they rarely do.) The first thing you should do is gather all your financial documents and see where exactly you stand at this moment. It may be scary and a little unnerving, but you need to know exactly what you owe and compare this to your monthly income.
Many times, you can devise a budget which will allow you to pay off your debts within a few years by making some sacrifices. We're not talking about starving yourself, but you should be prepared to take reasonable steps and eliminate any unnecessary expenses for the foreseeable future. If, after running some numbers, you really can't see yourself getting out of this financial mess anytime soon, then maybe you should take a second look at bankruptcy.
Depending on your specific circumstances (your current workload, your health, and your family life), you should consider taking on a second job to bring in some extra income. You might be surprised how a part time job can help bring in extra funds to pay off your debts much more quickly than you would have imagined.
Working with your creditors may also work to reduce your overall debt load. If the company knows how bad your financial situation is, it may be willing to actually lower the amount of debt that you have to pay or at least work out some sort of repayment plan for the long term. Unfortunately, companies rarely consider these options unless you are really behind and have already damaged your credit. Even then, getting them to agree to a settlement is not that easy.
These are just a few of the ways that you could tackle your debt outside of filing personal bankruptcy. Deciding if you should declare yourself bankrupt is a difficult personal decision and should be made only after consulting an attorney.
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