The older you get you realize that life is full of ups and downs, and it’s important to enjoy the small things and put the focus on family, friends, your health, and all that truly matters. Sometimes that’s hard to do though when the harsh realities of finances and increasing debt—sometimes due to things you have no control over—begin to take over and cause enormous stress. At that point, it’s time to recognize the reality of the situation and begin taking control back. At Fitzgerald & Campbell, APLC, we counsel clients all the time regarding how to rein in the debt and restore financial health.
Figure Out What You Truly Owe
The first thing to consider is who you owe and how much. This might seem like an obvious question, but once you get out all the bills and notices, go down your list of monthly obligations, and then start calculating the extraneous payments that have insidiously wormed their way into your life—and checkbook—and you’ll probably begin to see where the problems are.
Make All Necessary Cuts
Next, what is current and what can you cut? While it might seem a little scary to let go of some things, you’ll sleep better knowing that you took steps to start getting your finances more streamlined. While in the moment too it might seem like you need to buy non-essentials, try saying no to everything you don’t absolutely need. Avoid using the credit cards and don’t go anywhere that will drain the necessary dollars you need. Keep in mind that you don’t have to do this forever; let’s just work on getting into a better place for now.
Establish a Budget & Begin Considering Other Repayment Options for Debts
Make a budget. And then compare it to how much you have coming in each month. Once you’ve established where you are here, if it looks like the amounts going out are more than what’s coming in, you need to find a way to establish more income or get some sort of help for debt repayment alternatives—or both. Debt consolidation and debt management programs are to be considered, as well as the idea of filing for bankruptcy, whether that be Chapter 7 or Chapter 13 bankruptcy—or perhaps a Chapter 11 if you have business reorganization needs.
Attorneys at Fitzgerald & Campbell, APLC have decades of experience in advising clients regarding financial options, whether for bankruptcy, other repayment options for debts, or lawsuits. If you are ready to make the step to reorganizing your finances and getting debt collectors of your back, let us review your case and help protect your rights at the same time. We are here to help you!