e up cash. Consider switching to basic cable and phone service. Consider a debt consolidation loan. Talk to your creditors and see if they will reduce the interest you are paying, or extend your payment terms so you reduce the payments you are required to make each month. By making a list of all of your bankruptShould you go bankrupt? How do you decide if personal bankruptcy is right for you, or if you should look at other bankruptcy alternatives?

I recommend a three step plan to help you make this important decision.

Step 1: Take inventory To decide on your bankruptcy alternatives, start by taking an inventory of where you are at financially. Make a list of all of your creditors (the people you owe money to). Be sure to include all debts, even if you are up to date on your payments. If you leave out some of your debts you will not get a true picture of your current financial situation.

Then make a list of all of your assets (everything you own). Do you have items you can sell to repay some or all of your debt, such as a car, collectibles, or stuff that is piled up in the garage that you never use?

The final inventory step is to make a monthly family budget to see how much money you have each month to pay all of your normal living expenses, and to pay your debts.

Step 2: Research Your Bankruptcy Alternatives There are many alternatives to bankruptcy if you have too much debt. You can get a second job and use the money to pay your debts. You can reduce your expenses to free up cash. Consider switching to basic cable and phone service. Consider a debt consolidation loan. Talk to your creditors and see if they will reduce the interest you are paying, or extend your payment terms so you reduce the payments you are required to make each month. By making a list of all of your bankruptc

tart by taking an inventory of where you are at financially. Make a list of all of your creditors (the people you owe money to). Be sure to include all debts, even if you are up to date on your payments. If you leave out some of your debts you will not get a true picture of your current financial situation.

Then make a list of all of your assets (everything you own). Do you have items you can sell to repay some or all of your debt, such as a car, collectibles, or stuff that is piled up in the garage that you never use?

The final inventory step is to make a monthly family budget to see how much money you have each month to pay all of your normal living expenses, and to pay your debts.

Step 2: Research Your Bankruptcy Alternatives There are many alternatives to bankruptcy if you have too much debt. You can get a second job and use the money to pay your debts. You can reduce your expenses to free up cash. Consider switching to basic cable and phone service. Consider a debt consolidation loan. Talk to your creditors and see if they will reduce the interest you are paying, or extend your payment terms so you reduce the payments you are required to make each month. By making a list of all of your bankrupt

hen make a list of all of your assets (everything you own). Do you have items you can sell to repay some or all of your debt, such as a car, collectibles, or stuff that is piled up in the garage that you never use?

The final inventory step is to make a monthly family budget to see how much money you have each month to pay all of your normal living expenses, and to pay your debts.

Step 2: Research Your Bankruptcy Alternatives There are many alternatives to bankruptcy if you have too much debt. You can get a second job and use the money to pay your debts. You can reduce your expenses to free up cash. Consider switching to basic cable and phone service. Consider a debt consolidation loan. Talk to your creditors and see if they will reduce the interest you are paying, or extend your payment terms so you reduce the payments you are required to make each month. By making a list of all of your bankrupt

month to pay all of your normal living expenses, and to pay your debts.

Step 2: Research Your Bankruptcy Alternatives There are many alternatives to bankruptcy if you have too much debt. You can get a second job and use the money to pay your debts. You can reduce your expenses to free up cash. Consider switching to basic cable and phone service. Consider a debt consolidation loan. Talk to your creditors and see if they will reduce the interest you are paying, or extend your payment terms so you reduce the payments you are required to make each month. By making a list of all of your bankrupt

e up cash. Consider switching to basic cable and phone service. Consider a debt consolidation loan. Talk to your creditors and see if they will reduce the interest you are paying, or extend your payment terms so you reduce the payments you are required to make each month. By making a list of all of your bankruptcy alternatives you can then assess which alternative is right for you.

Step 3: Make a Plan Once you have made a list of all of your bankruptcy alternatives, it is now time to make a decision. Debt problems generally don't go away on their own, so you need to make a plan as soon as possible. If you decide to apply for a debt consolidation loan, gather all of your financial information (pay stubs, bank books, list of creditors) and make an appointment with the bank NOW. If you plan to get a second job, start looking for a job NOW.

There are many bankruptcy alternatives, but if you have a lot of debt you can only avoid bankruptcy by taking action now, so don't wait, get started today.