The Alternatives to Bankruptcy

 According to a leading do it yourself web site, there are several alternatives to filing for bankruptcy. Sometimes it is unavoidable, however given the fact that it stays on your record for some seven to ten years its good to know there are some other options available to your family. Most of the suggestions are fairly obvious, but in these uncertain times and the desperate need for help many families face, we wanted to reiterate the possible solutions:

 - reduce expenses. The most obvious yet the most difficult to do in many cases.

 - negotiate rates with lenders and credit companies. It never hurts to ask. Most of the time they want to help you, but be cautious as they will want something in return that benefits them. You must stay on top of any payment arrangements you make or lose the deal all together.

 - sell assets. Simply by checking your attic you may find valuable collectibles or items to sell on Ebay or to local antique/second hand stores.

 - get a second job or start a home based business for additional income. You may want to check your local community calendar or small business administration on how to start a small business or online business for no or little start up costs. Have a great family recipe, then sell that product to local store or on the internet.

 -Finally, talk to a non-profit credit counselor for additional tips and suggestions. These professional work free of charge and may be able to assist you stay out of bankruptcy.