Helping Good People Get Out Of Bad Situations

What steps should you take if you can’t pay your bills?

| Feb 8, 2021 | Bankruptcy, Blog

When unexpected circumstances come up, many people in Mississippi face a great deal of anxiety over not having enough money to cover their bills. If you find yourself in this unfortunate situation, the worst thing you can do is to avoid the problem. Financial trouble can be difficult to navigate, but below are a few things you can do when you can’t pay your bills.

Prioritize your basic essentials

When you’re forced to decide which bills to pay, focus on covering your essentials first. Prioritize expenses like:

  • Food
  • Shelter
  • Utilities

If you have other expenses that help you continue working, include those in your list of priorities. This could include child care, transportation and cellphone costs. After you’ve figured out which things are crucial to your family’s well-being, cut out anything else that you can. Cancel subscription services, monthly gym memberships, your cable bill and more to free up some extra cash.

Reach out to your credit card companies

Never sweep your bills under the rug. If you can’t pay your credit card bills, you may have to pay additional fines and fees that could quickly add up. Instead, be proactive and communicate with your creditors. They may be able to set up a payment plan or give you an extension.

Consider filing for bankruptcy

If you can’t see a way out of your current financial difficulties, filing for bankruptcy might be an option worth considering. Bankruptcy may allow you to get rid of your debts and start over fresh. Although the thought of filing for bankruptcy might seem intimidating, many people choose to file because they’re looking for a new financial beginning due to circumstances beyond their control.

If you decide that bankruptcy is the right option for you, consider speaking to an experienced attorney. An attorney may be able to walk you through your options and help you file a plan with the court.