Filing for bankruptcy in Utah can be an expensive and daunting process. From attorney fees to Utah court costs, the expenses can quickly add up. However, there are creative ways to secure funding to help cover the costs of filing for bankruptcy. In this essay, we will explore a few unique out of the box ideas to consider.
Negotiating Payment Plans with Creditors
An out of the box option is to reach out to creditors and negotiate payment plans. Creditors want to see a return on their investment and may be willing to work with individuals to create a payment plan that works for both parties. This can include negotiating lower interest rates or extending payment terms. So as you reduce your expenses you free up funds to save to help and pay for the bankruptcy.
Selling assets can be a difficult decision, but it can help cover the expenses of filing for bankruptcy. Consider selling items that are not essential, such as a second car or unused furniture. This can provide additional funds to help cover the costs of filing.
Friends and Family
Asking friends and family for financial support can be uncomfortable, but it can be an option to consider. It is important to have a plan for repayment and be transparent about the situation. This can include setting up a repayment plan or providing a percentage of future earnings.
Consider starting a side hustle to raise additional funds. This can include freelance work, selling handmade items, drive for Uber, or even renting out a spare room on Airbnb. It is important to find a side hustle that fits within the individual’s schedule and abilities.
Negotiate Attorney Fees
Attorney fees can be a significant expense when filing for bankruptcy. Consider shopping around and work with an attorney with lower fees. Always avoid attorney financing schemes in bankruptcy especially “$0 Down” financing options. It is important to find an attorney who is willing to work with individuals to find a solution that works for both parties.
Filing for bankruptcy in Utah can be an overwhelming experience, but there are creative ways to secure funding to help cover the costs. From side hustles to negotiating with creditors, it is important to explore all options and find a solution that works for the individual’s specific situation. By being transparent about the situation and creating a supportive network, individuals can successfully navigate the bankruptcy filing process.