So you don’t have enough money to pay your debts then how are you going to get money to file bankruptcy? It can seem counterintuitive to have to pay more money to get out of debt. Because of our bankruptcy system there are fees and expenses associated with filing bankruptcy – including filing fees, class fees and attorney fees – we often hear concerns as to where someone can get the funds necessary to address these costs and as well as their ongoing financial obligations. So here a FIVE HACKS to get the money to do your Utah bankruptcy. Fortunately, you probably have more funds available to you than you realize. Past clients have found enough money to pay for their bankruptcy from the following sources:
- Tax Refunds: Tax refunds received prior to a bankruptcy filing can be used strategically to fund your bankruptcy without introducing new legal complications. Work with an attorney to help you know how to make your refunds work for you.
- Credit Card Payments: If you are planning to file for bankruptcy, you should stop using your credit cards for multiple reasons. One reason is because additional credit use prior to a bankruptcy could be flagged as fraud. Another reason to stop your credit card payments is that you could use the money you would otherwise be paying to a credit card payment to fund your bankruptcy instead. It makes a lot more sense to put that money toward a fresh financial start, rather than using it as a proverbial bandage on an already injured credit score.
- Strict Budgeting: Managing expenses may be easier said than done, but when you are considering bankruptcy, every dollar saved can make the difference. Take a look at your financial situation to see where you can cut costs and save money that can be used toward your bankruptcy and other necessary expenses. You might find that saving here and there can quickly add up and provide the funds you need. Taking a serious approach to budgeting and spending can also prove beneficial when during and after your bankruptcy case as you begin to rebuild your credit and gain control over your finances.
- Borrowing from family or friends: Obviously this may not be your most favorable option, but sometimes your circumstances are such that it makes the most sense. Talk with your attorney if this is a good option.
- Get a gig: Take a part time job to earn the funds to file the bankruptcy. Drive for Uber or Lyft for a couple of weekends or drive for Doordash. In today’s gig economy there are numerous ways to take a short part time job to earn a few bucks quickly to file a bankruptcy.
All of these things can help you come up with enough money to file bankruptcy be it Chapter 7 or Chapter 13 in Utah and begin your journey toward financial freedom. Don’t get me wrong I’m not saying these things are easy and painless but they are ligitamate and honest ways to get the funds to get some help.
Give us a call today to set up your FREE initial consultation and we’ll help you get started – 801-221-9911.