If you have found yourself in a situation where debt collectors are calling you constantly, you are probably feeling scared, stressed out and hopeless. The good news, however, is that it is more than possible to come back from this situation. San Antonio bankruptcy attorneys know that there are more than a few common sense ways that you can find debt relief, even if the collectors are calling you around the clock.
1. Prioritize Your Financial Well-Being.
If you have debt collectors calling you around the clock, it may be time to prioritize your financial well-being over everything else. This is the time to sit down with your spouse or partner (if you have one) and list all the debts you have that need to be paid. Once you have a clear picture of what debts need to be paid, you can develop a plan of how to pay it all off. A San Antonio bankruptcy attorney can help with this if you’re both feeling overwhelmed.
2. Cut Spending and Sell Non-Essential Items.
The first step you are going to have to take if you have debt collectors calling you is to cut spending on non-essential expenses. Obvious examples of things to cut include dining out and entertainment expenses, but you may need to get more creative. Look at everything that you currently spend money on and find ways to spend less. This may mean finding someone to carpool with to work or cutting cable and internet service at home. Finally, you may also want to investigate selling non-essential items, like a second car or unused furniture or musical instruments. Use the money you make from the sale to pay off debts.
3. File For Bankruptcy.
No one wants to file for bankruptcy, but it is the quickest and most efficient way to get debt relief and often lower monthly payments. If you think that bankruptcy may be the best option for you, consult a Chapter 13 bankruptcy attorney in San Antonio, who will be able to walk you through the process. One of the best things about filing for bankruptcy is that calls from debt collectors will stop immediately. Furthermore, after filing for bankruptcy, you will have lower monthly payments as you work towards paying off your debt.