Los Angeles Bankruptcy Attorneys

The decision of whether or not to file for bankruptcy is not an easy one. Unfortunately, many make the decision because they are desperate. After sleepless nights of wondering how bills will get paid for the month, it often seems to be the only solution.

It is important to take a step back and consult with professionals before filing for bankruptcy. In California, consult with a few Los Angeles bankruptcy attorneys. Don?t automatically do what the first one tells you. In comparison, if you had a life threatening medical diagnosis you would get a second and probably even third opinion. This should be the same with bankruptcy. It is also worth considering meeting with other finance professionals as well (financial counselor or accountant).

There are other possible solutions as well. Sit down and do a written budget. Be sure and account for every dollar of income. Everyone?s budget is different, but a popular budget is 60% to monthly expenses, 10% for entertainment, 10% to savings, and 20% for debt. If you are deep in debt, consider saving a $1000 emergency fund and then put the 10% for savings toward debt. The entertainment budget should go to debt as well to pay it down faster. Often, by lowering lifestyle temporarily, debt repayment becomes manageable.

Another problem with paying down debt is not having enough income. There are several solutions for this as well. Consider getting a second job (you and/or your significant other) and/or selling items. Additionally, check into lowering or cutting out some of your regular expenses such as cable television, home phone, and insurances.

If you have a budget, a second job, have lowered bills, and still cannot pay off debts in the near future (no more than 3-5 years other than the mortgage), this might be the time to actually consider bankruptcy.

Los Angeles bankruptcy attorneys or attorneys in your area are the professionals who can tell you if you should start with a clean slate by filing for bankruptcy or if there are other solutions for you. Bankruptcy is nothing to be ashamed of if you have considered all of your options.

*This is a sponsored post however, all the points and views are my own.

Source: http://www.agoddessoffrugality.com/2012/12/los-angeles-bankruptcy-attorneys/

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