Got Bills? You’ve Got Choices As Well!

October 28, 2007 6:18 pm Published by

            When debts pile up, it can be overwhelming. Many people imagine that there is only one end to the story, namely bankruptcy.  Quite often, people have heard so much false information about filing bankruptcy in Indiana, they put off facing financial decisions that need to be made.  In fact, many folks delay facing financial decisions for such a long time, they lose the opportunity to make use of choices other than bankruptcy!  And there are other choices…

 

            One choice some people have is to take out a new loan to pay bills.  Needless to say, that’s a temporary fix, but it can buy some time to get caught up in some situations.  Another choice is to refinance a home.  Sometimes that can work if the interest rate is lower now than when the people bought their home, and if they can qualify for a new home loan.  A third choice is to enroll in a consumer credit counseling program, and sometimes that can work.  Some folks may simply need a little help reworking their budget and getting more disciplined about keeping the bills paid.          

         Before anybody files for bankruptcy, they should first sit down and talk to an experienced bankruptcy attorney. Only after discussing all the options with a professional, can a person make an informed choice about the best course of action in that specific situation.      

       Over my many years helping tens of thousands of people in Indiana either avoid bankruptcy or file bankruptcy, I learned three really important things.   First, people can literally be worried sick about their bills.  Second, carrying that burden of worry all by themselves can be very lonely and very difficult.  Third, confiding in family or friends about their debts and about the troubles that got them into debt may have made them feel better at the time they were having the conversation, but didn’t really get them anywhere in terms of solving the problem!            This is one time a person needs to share his or her concerns with someone who can not only listen, but who has the knowledge to help.  The road to rebuilding starts with a thorough financial analysis.  That will include talking about all your bills, all your expenses, all your property, and (this is the most reassuring part) getting started on whatever plan of action, (which may or may not include filing bankruptcy), that is best for you.  

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This post was written by Mark Zuckerberg

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