You have recently hit hard times and are feeling the pressure of financial strain. The thought of filing for personal bankruptcy in New Jersey has crossed your mind, but first you are wondering if there is anything else you can do before you make such an impactful decision. Fortunately, there are adjustments that you can make to hopefully boost your financial well-being and avoid having to make a decision that could have many long-term consequences. 

According to Fox Business, if you are experiencing the stress of combing through multiple messages from creditors every day, you have other options besides bankruptcy for keeping them quiet until you are able to pay off your debts. Some of the things you can do include the following:

  • Liquidation: Even though it may be difficult to sell off some of your possessions, doing so could give you extra cashflow that can be used to pay down mounting debts. Often, you can find things around your home that while valuable, are not being used. 
  • Avoid temptation: While it may be intriguing to file for bankruptcy and avoid having to pay any of your debts, that decision could ultimately affect your financial security and credit reputation for many, many years to come. 
  • Communicate with creditors: Do not be afraid to ask for an extension on bills that need to be paid. Be flexible in setting up agreements for paying down your debts. Often, credit companies will be willing to negotiate a deal if you can prove that you will stick to your end of the deal.  

The information in this article is intended for educational purposes only and should not be taken as legal advice.