You Don’t Have To File For Bankruptcy!

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Bankruptcy is a do or die situation haunting many people who find their debts creeping above their income sources, and it is scary enough to make it difficult for you to judge your situation and weigh the consequences objectively before taking a reasoned decision. Two families may be facing the same levels of debt, yet one family might feel utterly confident they can sort out their debts while the neighbors may be wallowing in despair without making any conscious effort to improve their lot.

Your financial assessment

Any assessment of bankruptcy basically boils down to three important factors-the factual ground situation, the emotional status of the family, and their future world view. The first thing to do is to take a pen and paper and write down the math that describes your situation. On one side of the paper you can list all your income and assets including your savings, deposits, stocks and mutual funds and a detailed listing of all your valuables, and movable and immovable properties including your home and ALL household items-a comprehensive inventory of  your assets. Next, you have to assign a dollar value to the assets even if it’s a rough assessment, giving you a clear picture of your total financial worth. Next, on the right side of the paper list all your loans and liabilities including the mortgage, insurance, utilities, power and fuel bills and ALL domestic expenses that need to be paid to survive.

Your emotional assessment (mental state)

This is a very important process where you involve all members of your family including the seniors, and close friends if need be, to bring some objectivity into the proceedings. You need to spell out your fears, anxieties, worries, and insecurities, any sense of underachievement or perceived failure and hidden aggression that could be erupting as arguments and breaking the family peace. At this stage, as you discuss your plight and members pitch in with their suggestions, you will gain an idea whether you can pull on for a while longer and attempt to remedy the finances or to take the call without delay.

Your worldview and how you see yourself in the following decade

This is the proactive stage where you consider your strengths and weaknesses and how you can capitalize on your plus points to carve out a better future for yourself and your family. You conceptualize your goals no matter how humble they may be in the changed circumstances. You also assess the consequences of opting for bankruptcy and its probable impact on your career, fresh jobs, accessibility of new loans, rental accommodation, affordability of health insurance and major changes in your lifestyle.

Seeking professional assistance

A certified professional counselor from a nonprofit credit counseling agency might be the best person to help you make your decision by helping you fine tune your math, get your emotional issues sorted out and assist you in gaining valuable insights into what you can practically hope to accomplish in the years to come. A trained counselor might give you an objective interpretation of your assets and liabilities position that could encourage you to avoid the bankruptcy route. He might recommend debt management or debt settlement as solutions, in part or wholly, to remove your debt burden. Your creditors can also be engaged directly and petitioned for loan waivers or extended payments. There may be assets that are underutilized and which can be sold off to pay dues without affecting your lifestyle significantly.

Managing emergency funding

While you work diligently with your counselor in managing your debt you will be needing funds to pay expenses and sail through your major lifestyle adjustments, and nothing equals the pawn car title loan in financing such emergencies. These installment loans in California are approved on the strength of the collateral of your pink slip on which the title lender marks his lien. The loans for vehicle title are readily accessible even with a bad credit background, and with interest rates well inside 25% APR and flexible repayments, they represent a safe and secure lending package, ideally suited for people facing financial stress.

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