When thrown into the depths of financial hardship you simplify your life as much as possible. You cut corners on all of your spending; you pinch your pennies as hard as possible and even cut coupons to stretch every cent. But still, the bills continue to arrive in your mailbox each day. The electricity, water, gas, garbage and phone bills come due. You’re upside down on your mortgage, the car needs repairs, the repairman just told you your furnace is in serious need of replacement. The stress is unimaginable and unending. What can you possibly do in this time of unrelenting strain and anxiety?
First try a few simple steps:
• Organize yourself to be certain you have cut costs in every area of your life. For example, can you cut back on eating out to pay the garbage bill? Can you rent a movie instead of going to the theater? Would taking a mini-vacation instead of spending big bucks on a full blown retreat make better financial sense?
• Consolidate your debt at a low interest rate. Once done, cut up or cancel the credit cards so they can no longer be used.
• If you have established so-called “payment plans” with your creditors or their collection agents, try to determine if you are able to significantly reduce your debts or if you are just treading water and not reducing your debts. Keep in mind that creditors and their collection agents make a lot of money with interest rates and penalty fees. The longer you participate in a “payment plan” the longer they can charge those interest rates and penalty fees and the more money they make.
• Try to focus on and pay off the debts with the lowest balances first. By eliminating at least some of the debtors, you will be able to simplify your debt portfolio. This will allow you to focus your attention and resources on debts with higher balances.
If you have truthfully done these things and there is still no light at the end of the tunnel, then bankruptcy may be your only option. Stephen Behm and the Behm Law Group specialize in bankruptcy law and can help you through the stressful financial worries overwhelming you and your family. They will work with you to determine which type of bankruptcy will best resolve your situation and they will guide you through the misinformation that is spread throughout the media.
No matter how you have accumulated the debt, keep in mind that it will get better and you can regain your peace of mind. Contact the Behm Law Group to take a healthy and productive step forward to relieve yourself of the stress and emotional and physical tension that debt can cause.