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Alternatives to Filing Bankruptcy: Insights From Resolvly

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When you’re facing insurmountable levels of debt, it might seem like bankruptcy is the only option. However, it doesn’t have to be. Before you file for bankruptcy, consider the other possibilities. Check out Resolvly‘s list of recommended alternatives. Most of them come with far fewer damaging long-term effects than a bankruptcy ruling:

Get a Lawyer

If you really want to avoid bankruptcy, your best option is to work with a consumer protection attorney. An experienced lawyer can advise on legal options other than bankruptcy.

Debt elimination and validation can have your debt removed entirely. Debt settlement can negotiate your debt amount down to a manageable level that you can afford to pay off.

A consumer protection attorney will consult with you on the specifics of your situation and determine which option is best for you. This approach is the best way to have debt removed or significantly reduced without the negative consequences of bankruptcy.

Debt Consolidation

If your debt is spread across several different creditors, with different interest rates and monthly payment amounts, it can get out of hand quickly. Debt consolidation takes all of your debts and transfers them over to one creditor. This strategy usually comes with a lower monthly interest rate and a more manageable monthly payment.

While debt consolidation does nothing to reduce the overall amount of your debt, it can slow down increases from penalty interest rates and keep the monthly payment easy and organized.

Negotiate with Creditors

You might also be able to negotiate with your creditors. If you can convincingly communicate your financial hardship, you might be able to reconcile your debt down to a lower amount.

You’ll probably have to agree to make a set monthly payment, and the overall debt will likely revert to the original amount if you miss a payment. Not every creditor will be open to negotiation, and success relies on making monthly payments consistently.

Sell Your Assets

Property and other high-value items can provide you with more considerable sums of money that you can put toward your debt. If you file for bankruptcy, you may be made to sell your assets anyway. You can take this step proactively, put the money toward lowering overall debt and work to negotiate a payment plan that works for you.

Future Uncertainty

In the wake of COVID-19, bankruptcy cases dropped in number by nearly 30% in both 2020 and 2021. The reduction may be related to the federal financial aid intended to assist the economy following widespread business shutdowns.

Many people may have used this extra-economic aid to avoid and deter bankruptcy between stimulus payments, the Child Tax Credit increase, a higher unemployment payment, and forbearances issued by mortgage and loan companies.

When COVID relief efforts dwindle to a close, many will be left without these additional income sources and social safety nets. As the reality of debt draws nearer, keep in mind that better options like those listed here can make a big difference to your financial well-being.

If you’re facing bankruptcy and need help navigating alternative options, Resolvly is here to help.

About Resolvly

Resolvly LLC is a Florida Bar-approved lawyer referral service. Our team of debt resolution experts can connect you to knowledgeable consumer protection attorneys who have helped thousands of clients nationwide reduce or dismiss debt and achieve financial freedom. Contact us today for a free consultation.

I cover national business news and lifestyle for Metic Press. Previously, I've written for TIME, Newsweek, the New York Daily News and VICE News. I am also an editor at HuffPost, a small business news room for a young audience.

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Things rich people do in order to stay rich

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Things rich people do in order to stay rich

The world has a number of highly wealthy people who all got there in different ways, but the outcome is the same, wealth. These wealthy people would also have methods they pursue in order to stay at their level of wealth.

They are not necessarily smarter than the average salaryman; however they have mastered techniques and methods to obtain wealth and to keep their wealth.

Here are some things that rich people do in order to stay rich.

They have a financial mindset

Wealthy people will often have a mindset that is concerned with financial growth and how to continue it. They will have creative ways to pursue riches, as well as keeping a mindset that focuses on their goals of success and wealth.

It is this constant mindset that keeps them pursuing new ways to create wealth in order to keep it.

They have a network of professionals and people with similar mindsets

Wealthy people usually like to hang out with other highly successful people.

This network allows them to have more connections and opportunities to create more wealth. It also allows them to maintain and grow their financial mindset by listening and socializing with other people who share the same mindsets as they do.

 

They have multiple streams of income

Wealthy people will have multiple streams of income, whether that be through investments or entrepreneurial pursuits, they will usually have more than one form of income. This ensures that they have a constant cash flow.

The rich are creative in their financial pursuits, and will always be looking for ways to grow their wealth. This coupled with a financial mindset and a network of wealthy professionals and connections, creates multiple income streams in which they obtain, keep and grow their wealth.

 

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How to invest your money and turn it into wealth

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How to invest your money and turn it into wealth

There is a vast amount of information on investing your finances, with various methods to do it. With so much information available to us nowadays with the Internet as a major information platform, it can be easy to get overwhelmed with what exactly to do. When you invest money, you are buying a small piece of a company with the intent of increasing the value of this piece over time. Investing is not a get rich quick method, but with the correct investments, you are sure to bring in some extra money.

Here are some ways to invest your money and turn it into wealth.

The stock market

The stock market is a great place to start investing your money. The stock market lists a whole range of companies which are offering parts of their company for sale. When you buy a stock in a company, you own a tiny portion of that company. You should be looking to increase the value of this portion over time. When the company profits, the value of your portion increases, as well as when the company grows. With this growth, the price of your portion increases, which you can then sell at a later date for higher than what you bought it for initially.

Investment bonds

Purchasing a bond means that you are loaning money to a company or the government. The company or government will then pay you interest on the investment over the bond’s duration. Investment bonds are usually a safe investment, but the return is much lower than riskier investments.

These are some ways to invest your money, and with the right investments picked, over time, you can turn them into more money and wealth. Generally, the higher the risk and amount you put into the investments, the more you can earn, and lose.

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Ways to make extra money on the side

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Ways to make extra money on the side

You might be stuck in a situation where you need extra money, maybe you aren’t going to make rent this next cycle, or maybe you have some free time and want to earn a bit of side hustle money. Either way, it’s always helpful to have a bit of extra cash coming in.

Here are some ways to make extra money on the side.

Become a ridesharing app driver

Uber, Lyft and Ola are all apps available to the public for ridesharing.

These apps allow you to join, if you have a clean driving record, and become a driver to transport people to their destinations. If you have some extra time after your normal job, this is a good way to make some extra money on the side and is relatively simple to get into, provided you have a car.

Join market research studies

There are numerous market research studies available looking for participants. These can be found over the Internet, and range in pay depending on how much needs to be done and the duration of the study. These are easy ways to make a bit of extra money and don’t take much effort usually.

Sell off old items on Ebay or Amazon

There’s sure to be a bunch of old items you have lying around your property that you don’t need or use anymore. Many of these items can be sold on websites such as Ebay or Amazon, bringing in some extra cash. These items could be books, second hand appliances, sports equipment/gear and clothes.

These are some relatively simple ways to make extra cash on the side. It is always good to have extra cash coming in, and it would be wise to look into some of these ideas which can provide quick busts of capital.

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