Is Bankruptcy in Clayton Really the Only Choice?

It is possible for people to find themselves in severe financial difficulty. Even people who are diligent in paying their bills every month may be no further away from financial trouble than one severe illness or one job loss. Before assuming that Bankruptcy Clayton is the only way out of that situation, it pays to look for other viable solutions.

Assessing the Situation Responsibly

Typically, filing for Bankruptcy Clayton should be considered the final option, something that is sought only if there is no other way to deal with the situation. To determine if that is the case, it helps to have a third party take a look at the circumstances of the client and see if there is another way to recover financial health. Assuming the debtor does have a steady source of income, it may be possible to reorganize debt so it is more manageable. If possible, this can be done by consolidating multiple debts using the proceeds from a loan. In the best case scenario, the interest rate that applies to the loan is lower than the cumulative rate on all the debts that are retired using those proceeds. Since that single loan payment each month will also be lower than the money paid out to cover those individual debts, that helps to free up some income each month and take some stress off the debtor.

Making Changes in Money Management

Some people who think they must seek Bankruptcy Lawyer in Clayton are really in need of changing their spending habits. That includes putting away credit cards and only using them for emergencies. They have to do away with the idea of instant gratification and learn to make do with what they already have. For example, instead of eating out several times a week, they get back into the habit of preparing food at home, effectively cutting the food bill significantly.

When Bankruptcy Clayton is the only real solution, contact the Law Offices of Steven K. Brown Clayton and arrange for a consultation. After learning more about each type of bankruptcy protection and who can quality, it will be easier to settle on the option that is in the best interests of the client.

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