Healing your financial woes is not an easy task, but it is an important one if you wish to restore your independence and prospects for the future. There are different ways both individuals and businesses may choose to heal and find their way out of these dire straits, and on this blog we have assembled three valuable tips for doing so for both.
Individual Debt Healing Tips
Honesty is Key
It’s easy to block out your problems and pretend they don’t exist to try to relieve stress, but that doesn’t change the bills and collection notices that are waiting for you. Be honest with yourself: can you really afford what you’re about to spend money on? The more you hold yourself accountable, the sooner you can work through your problems.
It’s Okay to Forgive Yourself
Many people struggle with forgiving themselves and moving on after they face severe financial hardships. However, what’s done is done and continually blaming yourself is only holding you back from moving on. It’s important to learn from your mistakes and learn your lesson, but make sure you allow yourself to move on.
Take Action Quickly
Failing to take action doesn’t help you obtain debt relief. Be proactive, follow your plan, and make a genuine effort to improve yourself and your financial practices. And perhaps the most important part: stick with your budget. It will take a good amount of self-discipline but it will be rewarding when you’ve restored your credit and your financial standing.
Business Debt Healing Tips
Examine Your Business Decisions
In some cases, business bankruptcy may have come about simply from a refusal to change or adapt to the market. Declaring bankruptcy is as good of a time as any to examine your plan and current structure to figure out how you can change your course to one you think will be more streamlined and successful.
Ensure Your Income is Reliable
Are you receiving irregular payments for your services each month? You could be the target of what is known as a “preference action” by a bankruptcy trustee if that client files for bankruptcy protection. Contact an attorney to review your plan of action as soon as possible.
Discuss Your Options
Bankruptcy may or may not be the best option for your business. Sometimes you may not even qualify. Speaking with an experienced Englewood bankruptcy attorney can help you determine what the best route is for getting you debt free.
Struggling to make your monthly payments? Stressing under financial woes? Discuss your debt relief options with the Law Office of Michael Boyd. We strive to provide our clients with reputable advice and solutions that are individually tailored to your exact situation. We handle each case with the utmost professionalism and discretion, and even offer payment plans to help you get the advice you need at a rate that won’t ruin your budgetGet the assistance you need and start pursuing financial freedom by calling the Law Office of Michael Boyd today at (201) 383-6173.