Bankruptcy


Financial strain can be extremely burdensome and have a profound impact on your overall quality of life. When facing a financial crisis, many weigh the pros and cons of filing bankruptcy. Bankruptcy can provide debt relief and give you more time to negotiate with creditors. Before you file you should be aware of the consequences and impact on your financial future. Bankruptcy can significantly impact your credit score, making it difficult to get a mortgage for up to 7 years. What this means is that you will have to rent a house or apartment for many years until the bankruptcy has been erased from your credit history. We recommend to our clients that they do all they can to avoid filing for bankruptcy in Indianapolis. Here are a few ways you can take back control of your finances and avoid bankruptcy.

Cut Back On Expenses, Now!

First, slash your expenses. Your primary goal here is to divert as much of your monthly income to paying down your debts. This means cutting back significantly on daily conveniences and making real sacrifices for the benefit of your debt. Choose to eat out less and take your lunch to work. Do you really need all those cable channels? Many folks don’t recognize just how much they spend monthly on entertainment when books can be just as good and less costly. Essentially you need to cut out all discretionary spending, expensive clothing and dining out should be some of the first things that go.

Beyond that, you should consider cutting down on your usage of utilities or downsize your house altogether. Often times the house mortgage is the biggest debt. Many homeowners have sold their Indianapolis houses fast for cash to Ittenbach Capital to avoid having to file for bankruptcy.

Prioritize Your Debts

It’s good to make a plan. Don’t just pay off the small debts or debts at random, but give necessities like housing, food, transportation, and utilities top priority. With the necessities taken care of, you should then focus on debts with the highest interest rates. By paying the minimum balances of necessities you can focus as much money as possible to high-interest debts like credit cards.

Think Twice Before You Choose Debt Consolidation

Debt consolidation sounds like a good idea, consolidating all your debts into a single more manageable payment. But this solution fails to address the underlying problem which is financial mismanagement. Additionally, fees associated with this service can delay payoff. It’s good during these stressful times to roll up your sleeves and dig into where your money is being spent. Learning to balance income with expenses and setting, as well as sticking to a budget are life lessons that will continue to pay dividends for the rest of your life.

Negotiate With Your Creditors

It almost seems counterintuitive, but you should take the time to reach out to your creditors as soon as you realize that making monthly obligations is going to be difficult. There are never any guarantees in life but many creditors are willing to work with you on your debt and have programs for lowering interest payments, change payment terms and reduce fees to support your efforts of paying back the debt.

Consider The Big Picture

After analyzing at all your expenses and your monthly income, if you can only cover minimum payments you should consider more drastic changes. Often times, once the biggest debts have been paid, a real plan to recover financially can be planed. If you are facing financial strain and need to reduce your expenses, consider selling your house to Ittenbach Capital. We will pay off your mortgage, put money in your pocket and help you get back on your feet. When it comes to creditors, time isn’t on your side. Acting fast can save you thousands in payments and put you on the road to recovery quickly.


Facing Bankruptcy? We Can Help! Contact Ittenbach Capital, LLC Today!

(317) 731-2540

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