It’s only a month until we’re irrevocably living in the year 2015. A new year calls for new goals and new plans and in some cases – an entirely fresh start. If you have decided 2015 is your year to be debt free you need to prepare now. In most cases, debt has accumulated over several years, so it’s not surprising that getting rid of it can take some careful planning.
If getting out of debt is your goal for 2015, it’s time to get started. The first thing most people buried in debt need to do is actually look at their debt in order to understand how much debt they are actually buried under. When things are bad – many of us don’t want to actually look at it close enough to acknowledge it. So many individuals will struggle to pay insurmountable debt for years before they realize that if they had looked at it closely they would have known long ago that what they were expecting from themselves was impossible. Know your number. How much debt are you talking about? Exactly. Start with your credit report. Get a free copy (available at no charge once a year from the credit reporting agency of your choice). If you want to be especially effective, take your free credit report and set up an appointment with an experienced southern California bankruptcy attorney who will be able to advise you from experience on how best to tackle your financial situation.
Some people consider settlement options. It is sometimes used as an alternative to bankruptcy, but carefully consider the option’s validity in your situation before starting the process. Getting halfway through and then deciding that it’s not plausible to take care of the entire problem in this manner just results in more financial loss on your part. If you do have the means to settle your debt, your attorney can aid you in putting together a settlement budget and discussing what the process entails and how to submit a settlement offer to a creditor.
Once you’ve determined your “number” and considered whether or not you have the means to pay off your debt or settle your debt for cash sums, it’s time to follow through. Regardless of what your situation is, or what the solution is (selling off assets to pay off debt, attempting to dissolve the majority of your debt through the offering of cash settlements to creditors, or discharge of debt through bankruptcy) it’s time to follow through. No plan is worth anything if there’s not any follow through.
If you need assistance putting your debt resolution plan into action, contact the experts at Westgate Law. We know southern California bankruptcy law and can help you determine what options best suit your needs, and how to tackle your debt and win.