Ask Away Blog: Alternatives to Bankruptcy with Trout Associates

Alternatives to Bankruptcy with Trout Associates

Friday, July 5, 2019


When most people hear the word bankruptcy, they think of the worst case scenario and when they find themselves in a situation where they are contemplating bankruptcy, they become almost hysteric.  Bankruptcy is when you can no longer pay your debts.  Maybe you have a large student loan, massive credit card debt, and a variety of other financial issues, and you are contemplating bankruptcy yourself.  Today I'm going to explain some alternatives to going to the worst case scenario of filing for bankruptcy.  




Why do people file bankruptcy instead of working with firms like Trout Associates?

When someone files for bankruptcy it's usually because they can no longer pay off their debt and they are quite literally drowning in it.  When people are in this position, they often feel there is no end in sight.  Their financial situation can be holding them back not only from enjoying life but also from being able to pay necessary bills, provide proper care for the their family, or keep their business running. People often think of this as their only option when it a bad situation but there are actually other ways to go about managing your financial situation and buying you more time and peace of mind to figure out what to do.

What are some alternatives to bankruptcy before you contact Trout Associates? 

There are several ways that you can work on your finances without immediately filing for bankruptcy in a panic:
  • Stop creditors from harassing you by researching the laws and learning your rights as the person that owes the money.   There are certain lines that are crossed by creditors and you can learn about them and start flipping the switch to protect yourself.  You can also figure out a way to negotiate with creditors whether it's giving you some more time to pay or setting up a payment plan for a final debt amount that you both settle on.
  • You can turn to a credit counseling agency to help you navigate your options and even negotiate with creditors if you don't feel comfortable doing it yourself.
  • You can actually do nothing but that may not always be the best option.  You may find yourself dodging calls, knocks on the door, or even explaining to family members why they are receiving calls looking for you. If you aren't ready to deal with creditors you can continue to avoid them but you should look into the right options for your situation on how you can negotiate or settle the debt you have.
In the meantime, it's imperative that you get yourself on a budget and stick to it.  You need to find a way to minimize or eliminate as many monthly expenses as possible, even if that means making sacrifices.  Your fun and dining out may need to turn into very cheap alternatives or even free activities or meals that you get at a neighbor's house or a family picnic. 
 

A firm like Trout Associates can help you navigate your own options and create a plan to handle your financial situation.



How does a company like Trout Associates work with you?


When you work with someone to manage your financial situation, you're taking a huge and important step to remedy your stress.  You'll learn about your options and what you can do to get creditors off your back and stop carrying around a mountain of debt.

You may need to do research and educate yourself on a lot of personal finance topics.  Remember, this may seem like some hard work up front but it will help you properly  save money and manage your finances better in the long run.  

It's also important to think over your options before you make any big decisions.  The decisions you make in regards to your finances can have both positive and negative effects on you so you should weigh all options and write a list of the pros and cons of each.  

You will also have to dive into your current way of living if you aren't being responsible with your money or your use of credit.  But it's also important to be honest with the people you're working with because they can't help you if they don't know the realities of your situation. 

How can Trout Associates help you in this situation? 
A good expert in the financial field can help you realize what got you into your current situation, the possible outcomes, and what you can do to stay out of yourself in the future.


What actions can you take in the future to avoid financial ruin?  
Aside from budgeting, you can save money for the important things in life and as a backup for any emergencies, and you can stay out of debt by using credit cards in a more responsible way.  Using a card on a purchase you already budget for and then paying it off in full the next month is a great way to use credit to keep your credit score healthy and no accrue any interest. 


Is there a cost? 
Obviously this service does not come for free.  So make sure you have a serious discussion with your spouse and you are prepared to pay money to remedy your situation by working with a professional.


Should you feel ashamed of your situation?
Life happens and everyone has their own set of problems so you aren't alone but you also aren't required to tell everyone your business. It's perfectly fine to keep the state of your finances confidential and only tell your immediate family and a friend you trust really well.


Of course in between all of this, it's important to keep your financial health in check.  If you haven't already you surely need to  get a on a budget and figure out a more responsible way to spend money each month.  You should have a system in place to track your spending and even your debt payoff progress.  You are the person responsible this part of your finances so make sure you keep up! 

So if you feel overwhelmed with finances and knowing what to do for your future, speak to a professional before you rush to file bankruptcy. 



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