If you have too much debt and not enough income to service the minimum payments, it is time to take action before bankruptcy is your only option.
Here are 3 tips that will help you find debt relief
#1 Take a close look at your finances
You need to find out exactly where you are in your finances. In other words, you must know how much you have coming in each month and how much must go out. One of the best things you can do is to sit down and complete a BASIC BUDGET.
BE HONEST WITH YOURSELF!
NET INCOME means this is what you have left to spend after mandatory state and federal taxes are taken out of your paycheck. If you are self employed...don't kid yourself...you are going to have to PAY UP, so deduct those taxes (including payroll if you have employees).
#2 Evaluate your debt
How much unsecured debt (credit cards, store cards, personal lines of credit, medical bills, etc.) do you have and more important, how much is the minimum payment required to meet all of them?
If you must have $500 a month just to cover the minimum payments required, and you honestly only have $350 a month after all mandatory expenses, YOU'VE ONLY GOT A COUPLE OF CHOICES.
#3 Review Your Options with an Experienced Counselor!
Don't give up and just seek bankruptcy. Bankruptcy may end up being the best choice for you, but before you jump in, make sure you know all of your options!
In order to determine which program is best for you, you will need to spend a few minutes with an experienced counselor. This service is FREE and you are under NO OBLIGATION.