Another option to avoid bankruptcy is to increase your income. Although this may seem very obvious to some, it is often overlooked. Cutting back on your expenses may not be enough. Therefore, working overtime or getting a second job may be the only viable option. Try delivering pizzas, mowing lawns or painting houses. If you are good with computers, there is frequentlyh a need in most areas for someone who will fix computers or even do in-home teaching of computer basics to novices. Any extra money you can bring in each month can go straight towards your current debt.

When drowning in debt, bankruptcy doesn’t have to be your only alternative. There are many viable options that should be looked into. So, before filing bankruptcy, be sure to exhaust all other options. Remember, a bankruptcy filing stays on your credit report for 7 years and is as visible as a sore thumb when you apply for new credit, even when things return to a positive cash flow situation, so you definitely want to only consider bankruptcy as a LAST resort when all other options have not worked out.

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