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Are you in such a financial rut that you feel bankruptcy is your only option for recovery? It's not that simple. There are new laws that make it more difficult for people to discharge their personal debts through bankruptcy. These laws are a result of the Government tightening its belt because of the amount of people taking advantage of the bankruptcy system. Also, bankruptcy will also severely damage your credit, staying on your credit report for at least seven years. Therefore, filing for bankruptcy may not be your best option. Below are some tips that will help you get out of debt and your finances in control without filing bankruptcy. If you are considering filing for bankruptcy, speak to a bankruptcy lawyer for free.

We also feature information on how to deal with paying bills.

Determine what your situation is
It is very common for consumers to over-estimate their problems. Therefore, go over all of your accounts, write all of your debt down and who you owe it to. After analyzing your problem on paper, you may realize your finances are not in such bad shape. At the very least, you will have a firm understanding of exactly how much debt you have; allowing you to formulate a plan for debt elimination. Develop a budget for what you can contribute towards your debt every month by tallying all of your mandatory expenses, i.e. car loan, mortgage, groceries, etc.. The amount you have left over should be used for paying down your debt. It is important that you stick to this plan.

Pay with cash
Every month, you should set aside a certain amount of your income in cash. Consider this your disposable income, or allowance. When this money is spent, you are finished for the month. It will be hard for you to get accustomed to this type of budgeting. However, you will likely find it empowering to be able to change your spending habits so that you can eliminate your debt faster. Cutting monthly expenses is not easy, but is essential. You can also learn how to save at the grocery store.

Talk to your family
Discuss the situation with your family. Be honest and let them know exactly what is going on. Let them know that this type of problem can be fixed quicker by a group. Make it a mission for the family to save and get rid of the debt together. Turn it into a game for the kids so that they enjoy it. Come up with a fun inexpensive reward you can give yourselves if you are able to save the intended monthly goal, or more than the prior month. Teach your children about credit.

Get rid of stuff you don't use
Remember, one man's garbage is another man's treasure. Get all of your old clothes, kids' toys, gadgets, etc. and have a garage sale. Or you can sell goods on eBay. Not only will you be able to generate some extra money, you'll feel better by producing extra space in your home.

Enroll in credit counseling
Star Loan Services has trained credit counselors that can help you with your debt. First we will contact all of your creditors and negotiate your debt to a reduced rate with lowered or eliminated interest rates. We will also help you set up a budget and put you on a debt management plan. Our counselors are experts in debt relief and will help guide you in the best direction. Get a free quote today!

Get a second job
Even a few dollars/week/month will add up to significant amount of extra cash for you to contribute towards your debt. Several hundred dollars/month will really impact the time it will take for you to eliminate your debt. Don't worry about working at McDonald's or a car wash. This is not permanent employment and you definitely do not have to put these jobs on your resume.

In conclusion...
Do-It-Yourself Debt Relief is not easy. However, helping yourself is a much option that filing bankruptcy. This is a negative mark that will haunt you for a long time (7 -10 years).

Related Reading:
-Life After Bankruptcy


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