Bankruptcy is often times thought of as the only way out of a financial mess. But is it? Not always. There are other ways that you can keep yourself out of the bankruptcy trap. Let's look at them.
1. As of today, cut up your credit cards and do not live on credit at all. No more purchasing things you can not pay cash for. Many times credit cards lead you to open other credit cards and you just keep moving money from card to card. This has to stop for you to be able to prevent bankruptcy.
2. List all your bills from smallest to largest. Every pay period have your bills prioritized and pay them in the order of importance. For instance, you would want to pay house, insurance, groceries, electricity, water, gas for the car. Pay those first. If there's money left over then keep paying minimums on all your credit cards and try to get that smallest one paid off. Then, roll that payment to the next credit card. You eventually get a snowball effect going and the momentum allows you to keep paying off your debts.
3. Go to a cash only existence. Get you some envelopes and put your grocery money, gas, miscellaneous, etc in the envelopes when you run out of money you stop purchasing. It's just that simple.
Bankruptcy is not the end of the road. It's the beginning of a new way of thinking about your money and yourself. Doing without doesn't mean you are lacking. It just means you live in your means and can afford whatever you do or don't do. It's a new way of living. If you still feel you need help please feel free to contact a bankruptcy attorney new orleans for more help and information.