How to Avoid Filing Chapter 7 or 13 Bankruptcy in Charleston South Carolina
Consumer and mortgage “Debt” has become a big problem for many home owners and consumers ever since the economy has started heading toward the depression we’re in. It can be so new and overwhelming that bankruptcy seems like the only answer, and a bankruptcy attorney in Charleston South Carolina may let you believe that’s the only way to stop a foreclosure. We have personally seen this direction from a bankruptcy and also a real estate attorney before. Because a bankruptcy can have such a negative effect on your credit score, it’s better to seek other alternatives before filing Chapter 7 or Chapter 13 bankruptcy. If one of these alternatives to bankruptcy saves your credit, it’s better to take it, rather than go bankrupt and suffer the consequences for 10 years!
Avoid Bankruptcy By Selling Your House or Assets
You can sell whatever you can spare and use the money to pay off your debts. Take action immediately when you notice you can’t afford make payments anymore. If you wait until you’re behind on payments, it may be too late. You can sell your furniture, jewelry, and electronics on eBay, Craigslist, even in your front yard. Is this a radical way to avoid bankruptcy? Perhaps. Many people can’t get past the inconvenience of living without their things, but you can adjust and it’s only temporary. It will help you avoid bankruptcy and spare your credit. To prevent having to sell everything you own, you can sell your house fast to Charleston SC House Buyers.
Pay Your Way Out of Debt to Avoid Bankruptcy
Can you afford to pay off your debts over a short period of time? You’d have to if you file Chapter 13 bankruptcy either to save an asset or because you failed the means test for Chapter 7. If you take a closer look at your budget, you may be able to cut out those nice-to-haves like cable or satellite television, landline and cell phones. These are examples of some expenses you can cut without too much pain. If you’re already living on a bareboned-budget, how about increasing your income by working overtime or another job. Hobbies and skills can also help you get some extra money to avoid bankruptcy.
Ask Creditors to Help You Avoid Bankruptcy
Your creditors would rather get some money from you and your house than no money at all. Let your creditors know you are having financial difficulty and want to avoid bankruptcy. Express your willingness to sell your house, and they will most likely let you know you have to submit an offer to begin a short sale, which will allow you to sell the house for less than you owe. If you do not do this, you may be faced with an even higher minimum payment and a loan balance that keeps going up, until they foreclose on the house. Then, you will be responsible for paying them back for their loss. We may be able to contact your bank and help to avoid bankruptcy in Charleston SC by buying your house. We are very familiar with the short sale negotiation process and will handle it with confidence. Let us help.
Avoid Bankruptcy Through Consumer Credit Counseling
If you don’t have luck working with your creditors on your own, enlist the help of a professional. Find a consumer credit counselor who has experience working with creditors to help make sure you can keep on track with your new higher payments. The new bankruptcy law requires credit counseling prior to bankruptcy filings anyway so it’s worth it to strongly consider credit counseling as a bankruptcy alternative. The debt management plan payments may seem out of reach, but if you look, you may find holes in your budget that allow you to make the payments.
Get Help Avoiding Bankruptcy From Family and Friends
Normally, borrowing money from family and friends is a bad idea. It’s been known to create hardships and even end relationships. But there’s an exception to every rule, and bankruptcy is one. Take the time to calculate how much money you need to avoid bankruptcy. Take a hard look at what you’re able to contribute, then ask friends and family to help you make up the difference. Before you approach them with your wallets turned out, come up with a plan for how you will repay them once your financial situation has turned around.
Settle With Creditors and Debt Collectors
Debt settlement is another of those things that should be avoided under normal circumstances. However, the brink of bankruptcy isn’t normal. If you have to choose between settling a few debts or filing bankruptcy, settle the debts, but do it right. First, don’t use a debt settlement company. Too much time and extra money goes into these companies than is necessary. Second, don’t settle any debt that is current. Instead, focus on debts that have already been charged off or sent to collection. Finally, be ready to pay as soon as an agreement has been made.
Use Everything in This List to Avoid Bankruptcy, especially in the Charleston region of South Carolina!
Rather than read through this list and reason that none of these things will work for you, consider the entire list as an arsenal of tools you can use to avoid bankruptcy. For example, you may be able to avoid bankruptcy if you sell some assets, cut back on your budget, make a deal with your creditors, borrow money from family and friends and sell your house fast to Charleston SC House Buyers. If you’re looking for a bankruptcy attorney in Charleston South Carolina, contact us first because we want to BUY your house quickly, before this problem can escalate. We will work with you to stop the foreclosure dead in its tracks and avoid bankruptcy altogether!
WeBuyCharlestonSCHouses.com is a local real estate investment company that buys houses in the Charleston area in any condition, price range, and in any situation. If you have an unwanted house you need to sell quickly for any reason whatsoever, visit webuycharlestonschouses.com for more information.