In the current economy, the idea of bankruptcy has become more real and, in some cases, less avoidable. With gas prices going up and mortgages going under, it is important to start to look at ways you can avoid becoming another statistic in the daily race against economic failure. Luckily, there are things you can do to ensure that your home, family, and assets are secure:
Deal with your debt: While filing for bankruptcy can wipe your debt clean, it can also mean losing some of your most valuable assets, such as a home. To prevent this, you should do your best to consolidate your debt before filing for Chapter 7. You can negotiate with your loan holders to combine several bills into a single monthly bill with a lower interest rate to save your assets. If at any time you need help in deciding whether or not to file, you can find several options when looking for Richmond VA Bankruptcy
Sell, sell, sell: You may not want to hear it, but your property is on the chopping block when you file bankruptcy, and you will have no say in what happens to it when it is in the hands of a trustee. In order to make sure that you are an involved party, you should look into selling off any property you can before filing. Selling a second car, any valuable family heirlooms or antiques, or any other property you can part with can be of huge benefit. Have an appraiser come to your house and check out your belongings if you aren’t sure. Selling these belongings online could make a true difference in your situation.
Swallow your pride: While asking to borrow money from friends and family members can be difficult, it is nowhere near as difficult as filing complete bankruptcy would be on you or your own family. Do your research and know how much you will need to avoid filing Chapter 7 before going in for the ask.
These are just a few ways to try to nip bankruptcy in the bud. From Los Angeles CA to Richmond VA Bankruptcy can strike anywhere. Take control of your situation today!