Seven Steps to Eliminating Debt
People who have been through an extreme financial crisis often describe the experience as "stressful", "humiliating" and "life-altering." You may be in such a crisis right now, and wondering how your life will ever make sense again. It may help you to know there are specific things you can do to eliminate overwhelming debt and begin to rebuild your life. These Seven Steps to Eliminating Debt may be the steps you need to take if your finances are under fire.
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Step One: Acknowledging Your Financial Situation
Just as those struggling with addictions must first recognize their dependence on a substance, gaining control of your financial life requires honestly facing your debts. Unopened bills and unanswered calls from creditors are a sign you're still in denial about looming financial disaster. The act of acknowledging your financial situation is the first step toward financial health.
Step Two: Evaluating Your Level of Debt
As in Step One, the core of Step Two is honesty. Until you have a clear picture of how much money you owe and to whom, you can't successfully take the next step. Gather as much information as possible about your financial obligations, as well as any assets you currently own. Evaluate whether you have the ability to pay off your debts without losing the assets you've worked so hard to acquire. If you're unable to create a plan for paying off your debts without selling everything you own, it may be time to take Step Three. Keep in mind, only you can decide what's best for your financial life.
Step Three: Asking For Help
Once you've done some research and have drawn a clear picture of your financial situation, consider asking for professional help. Whether you consult credit counseling professionals or seek the assistance of a bankruptcy attorney, select someone who is compassionate enough to show you the options while leaving the final decision in your hands. They should also be able to connect you to appropriate resources when necessary.
Step Four: Identifying Your Options
If you move beyond credit counseling to pursuing bankruptcy, a bankruptcy attorney can show you the options available for eliminating your debts. They're trained to know the bankruptcy laws for your state and can answer your questions about retaining assets, filing bankruptcy and restoring your financial good standing.
Step Five: Making a Decision
With all this information in hand, you must then make a decision that makes sense for your life. A professional bankruptcy attorney won't pressure you to move forward on your bankruptcy filing, but will instead give you the information you need to make an informed decision. This step, as with all the others, requires you to honestly look at the way excessive debt is affecting your life and decide whether bankruptcy is your best option.
Step Six: Working With, Not Against, Your Attorney
Should you choose bankruptcy as the option that makes the most sense for your life, working honestly with your bankruptcy attorney allows him to provide the best assistance. Answer questions about your debts and assets honestly. Don't ask him to assist you in hiding assets or otherwise breaking the laws concerning bankruptcy. Respond to requests for information in a timely manner and meet with your attorney as scheduled. By doing so, you help ensure that your bankruptcy filing and elimination of debt are handled in the most effective manner possible.
Step Seven: Participating in Your Financial Recovery
If you've chosen bankruptcy as your best option for recovering financially, that's not the end of the story. Develop good financial habits such as avoiding future debt. Take charge of your finances and maintain a clear picture of your situation as you recovery financially. That's the best way to avoid another financial crisis and create a solid financial future and rebuild the life you desire.
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