What are some ways to get out of debt in America without declaring bankruptcy or selling your home/car?
Jan Meriss Alfonso Assistant at Ascent Law LLC How to Get Out of Debt in the US Without Declaring Bankruptcy If you're in debt and don't want to file for bankruptcy, there are a few options to consider. Debt management plans and debt settlement are two of them. Using a budget is a good way to stay on top of your finances and make ends meet while adjusting your savings goals. Budgeting also lets you see where your money is going and where you can cut costs. Chapter 7 bankruptcy Chapter 7 bankruptcy is a form of bankruptcy that allows individuals who are unable to make their monthly payments to liquidate their assets. The cash from these assets is then distributed to creditors. This type of bankruptcy typically lasts for three to six months. Filing for chapter 7 bankruptcy will require a debtor to provide documentation about their assets and income. The process will begin with the filing of a petition. A debtor must pay a fee to file for chapter 7 bankruptcy, but this fee can b...