Some things to look at as an alternative to bankruptcy include the following:
- Selling off assets. If your financial circumstances have become difficult, it may be the time to sell of assets to pay your debts.
- Reduce all costs. If things are starting to look precarious, then be realistic. See what you can do to reduce all expenditure and get all non-essential costs out of the way.
- Budgeting. Budgeting means sitting down with an adviser, such as an accountant, and working out a plan to enable you to live and progressively pay off all debts.
- Refinancing. You may like to look at refinancing some assets and using the surplus cash to pay off creditors who can cause problems by lodging a creditor’s petition for bankruptcy if they are not happy.
- Creditor’s pool. You can always try and arrange with your creditors to clear up their debts by instalment payments. You will pay a certain amount of money into the pool and that money can be distributed to the creditors until their debts are paid.
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