One thing that you should always try before resorting to bankruptcy is to control your spending better. Find out exactly how much money you’re bringing in, how much is going to bills, and where the rest of your “free” money goes. A simple way to do this is by keeping a log of every penny that you spend and what you spend it on in a short period of time. You might be surprised to find that a lot of your money is going toward unnecessary things, such as dining out or a large cable bill. If that’s the case, you may be able to cut spending enough so that you don’t have to file for bankruptcy.
You can also try working things out directly with your creditors. Often times, creditors are willing to take smaller payments than requested or to work out an alternate arrangement that works better for you. More often than not, as long as creditors get their money, they don’t mind dealing with late payments or payments in small increments.
It is only when none of these options works for you that you should go ahead with a Phoenix bankruptcy proceeding. Just make sure that you don’t try to go it alone. Bankruptcy is a very complex process and one that should only be embarked upon with the help of a legal professional, like those at Dault Law.