When you can no longer keep up with your debts, you can begin to feel suffocated. With each past due bill notice and angry debt collection call, it can seem more and more hopeless. The good news is that it is possible to find your way out of debt.

The first step is knowing what you owe. Run your credit report and have an honest look at your obligations. Although it may be hard to confront this reality, you need to have the hard numbers in front of you to take action.

Once you are aware of your debts, assess your income and other expenses, and make a realistic and conservative budget. Include savings and miscellaneous expenses in addition to all known monthly expenditures. Identify any unnecessary costs and eliminate them if possible. After you look at what you have and what you owe, you can get a good idea of the resources you can apply towards your debts.

If you are voluntarily taking on debts, now is the time to stop. You could be doing something like charging a necessity like gas or groceries with the intention of paying the amount down on your credit card, only to forget or not have the funds later. You may have a monthly gum membership which you have not used in a year. You could cancel this expense and commit to getting exercise at home. If you can avoid adding to your debts, do so if at all possible.

In some cases, looking at your debts and creating a budget can help you recognize that you are overwhelmed by your obligations. This may be a time to consider getting a fresh start from bankruptcy. Filing for this protection can help you take control of their situation and manage your obligations without creditor harassment.

Being in debt can be difficult, but there are solutions. We have the knowledge and experience you need to help you understand bankruptcy and your other debt management options. Please contact us online or by phone at  517-459-9518  if we may be of assistance.