Saturday, 9 August 2014

Bankruptcy Filings Fall By 11% In 2014 – Worthy Ways To Avoid Being A Bankrupt

Posted at  09:38  |  in  Bankruptcy

According to recent reports by the Administrative Office of the US Courts, bankruptcy filings for a year that ended in March 31st, 2014, fell by 11% as compared to bankruptcy filings the previous year. The total number of bankruptcy filings totalled at 1,170,324 as compared to 1,038,280 filed a year back. What is the reason behind such plummeting statistics? Are debtors becoming more aware about the different debt relief options that they can take resort to in order to avoid bankruptcy? Both businesses and non-businesses are filing bankruptcy but to an extent that is much less than a few years back. If you’re not aware of the different ways in which you can avert bankruptcy and get back to normalcy, here are some options that you can take into account.

  1. Sell off some of your assets: Sell off some of your assets that you can spare and use the money to pay off debts. When you notice that you can no more afford your payments, you should take immediate action. If you wait until you fall behind the payments, it may become too late to get back to track. If you have furniture or jewelry that you’ve not been using for a long time, you can sell them off in order to pay off your debt obligations. You can also sell them online if you want immediate action.
  1. Negotiate with your creditors: Did you know that your creditors can be your best friends when you fall in trouble and you fail to make timely payments? If you think that your creditors are waiting to see your fall as a debtor, you’re grossly mistaken. They can actually help you pave your way out of debt by altering the terms and conditions of your repayment term. So, you can also get in touch with your creditors and ask them to alleviate your stress by enhancing the repayment term.
  1. Seek consumer credit counseling: Just as a commercial credit counselor helps a business get back to track, a consumer credit counselor will help you get back a firm grip on your finances by taking note of your present financial condition. He will then suggest you different budgeting techniques and personal finance management strategies through which you can gradually start repaying your debts. If he sees that you’re not being able to repay your debt on your own, he will sign you up with a debt management program.
  1. Seek help from your friends and family members: Last, but not the least, you can even seek help of your friends and family members. Ask for monetary help from them so that you can be sure of the fact that they won’t harass you if you if you fall back on the payments. However, make sure you borrow money from someone who is very close to you and who won’t harass you or deceive you.
Hence, if you’re someone who is thinking of filing bankruptcy in 2014, you should take into account the above mentioned steps. Remember that bankruptcy does have a bad impact on your credit score as it stays on your report for the next 7 to 10 years. Always try to take help of the other debt relief options before taking resort to bankruptcy.

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Jimmy Simond is founder of wallstreetsfinancenews.com he share his immense knowledge of finance in this blog. You can follow him on Google+.

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