Making Bankruptcy Easier by Prioritizing Your Debts

Heavy debt is a burden weighing down millions of Americans today. To lessen this burden, many people turn to bankruptcy. Rather than a sign that you have "given up," bankruptcy is actually an opportunity to eliminate many of your debts and make the rest of them much easier to handle. Yet many people who choose to file for bankruptcy on their own find it difficult to prioritize their debts.

The debts you should rank above all others are the ones your livelihood depends on: paying the rent, including backed rent; or paying your mortgage, if you have bought a house. Unless you rank these debts first, you may risk being evicted or having your house repossessed. If you are making payments on a vehicle, and it is absolutely necessary for your job, you should try to make those too.

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Other Debts

However, if you are required by the court to pay child support or alimony, you should prioritize these as highly as you can. Not paying child support can result in serious legal trouble. You might be able to work with your the court and creditors to make it easier to pay child support, but it is still a necessity. Backed taxes, if you have any, can result in legal trouble and should be made similarly important.

After your living expenses and legal obligations, most other debts are secondary. By filing for bankruptcy, you can even eliminate most of your credit card debt. Depending on the particulars of your case, you might also be able to group your remaining debts together into a single monthly payment.

If you are considering filing for bankruptcy, a bankruptcy lawyer can help you make the bankruptcy system work for you.

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