Do Save Money
The first thing you should do when trying to avoid bankruptcy is to start saving money. If you took a look
at your monthly expenses, you can probably find space for savings each month. Take a look at your budget and prioritize your expenses. Identify those things that you have to pay (rent or mortgage, utilities), the things that you could cut out (cable television, lessons), and those things that you could spend less on (such as groceries, eating out, movies).
Don’t Go Into Debt
If you are already in debt, then this is trickier, but not impossible, especially if you work with a bankruptcy lawyer in Ventura County to help. Once you have some savings built up, start putting more towards your minimum payments on your existing debts, and stop spending money that you don’t have via credit cards. If you are currently in debt and are trying to get out, stop acquiring new debts and consider cutting up your credit cards as well.
Do Talk To Your Creditors
Although they get a bad rap for being ruthless and cruel, collectors actually do just want you to pay what
you owe and may be willing to negotiate some with you. You never know how they might be able to help until you ask. Some creditors will lower interest rates, write off part of the balance, or reduce or eliminate fees to help you make the payment. But remember if things are not working out and you don’t see a way out, then talking to a bankruptcy lawyer in Ventura County might be your best option. For more information about bankruptcy lawyers, please visit www.nolo.com.