5 OPTIONS YOU HAVE WHEN YOU CAN’T PAY YOUR BILLS
May 31, 2016
Are you struggling to pay all of your monthly bills? Is your debt starting to snowball because you simply can’t keep up with your bill payments?
If so, there may be various options for addressing the outstanding debt before it gets out of control – and before creditors start moving forward to garnish wages, repossess your assets and/or sue you.
What You Can Do When You Can’t Pay Your Bills
Cut back and try to free up some more funds – Take a close look at how you spend money on a monthly basis to see if there are any expenditures you can stop making (because they’re for nonessential things). And if you aren’t already working with a monthly budget, put one together for yourself so you can reign in your spending and generate more money to put towards bills.
Ask for an extension or deferral – In some cases, creditors may be open to offering you a payment deferral or an extension when you are unable to make a bill payment. This tends to be a more viable option when, for instance, all previous debt payments have been made on time, the inability to pay may be temporary, and/or the debt in question involves student loans.
Carefully consider options for borrowing – Is it possible to borrow a chunk of money from a relative or a close friend? If not, then carefully consider the other options for borrowing – and carefully analyze the terms of borrowing so you are fully aware of how much the loan may cost you. Here it’s important to note that some options – like payday and title loans – can be borrowing traps for people who are already struggling to pay their bills (as they come with high costs that can bury people into even more debt, rather than helping them get out of debt).
Do nothing – Of course, this is always an option when debt starts to build up. And, unfortunately, this choice – just burying your head in the sand and ignoring the issue – rarely works out, as serious debt issues won’t usually disappear on their own.
Call a debt relief professional – This can be the single most effective thing to do when debt starts to snowball, as an experienced debt relief professional – like a Denver bankruptcy lawyer at Garcia & Gonzales, P.C. – can review the details of your situation and explain your best options for achieving a financial fresh start.
Contact a Denver Bankruptcy Attorney at Garcia & Gonzales, P.C.
Are you looking for real relief from serious debt? If so, you can trust the experienced Denver bankruptcy attorney at Garcia & Gonzales, P.C. to provide you with experienced help and honest answers about your best debt relief options. With more than 50 years of combined legal experience, our trusted lawyers have the legal knowledge, skills and insight you can rely on to help you favorably resolve your debt issues and obtain a financial fresh start.
To learn more about your best debt relief options, as well as how we can help you, contact us today by calling or by emailing us using the contact form at the bottom of this page.
When you contact us, you will communicate directly with one of our attorneys, not a paralegal or legal assistant. We welcome Spanish-speaking individuals to contact us also – hablamos Español.