Lots of people facing the daunting task of going through bankruptcy never take an essential look at a possible bankruptcy alternative. The cause of this is because most people become afraid, and this financial fear becomes paralyzing. In order to overcome this fear and have an actual look at a bankruptcy alternative one needs to step back take a inhale deeply and analyze the actual financial condition they are actually in. Sit around and calculate all the debts verses assets that owned or owed. Be creative with this do not merely think of an object as an asset but friends and relations and business bonds as well. If need be walk through the garage or attic and view all the things that might be considered asset or debt/ liability. By using this method many new ideas will surface consciously that can assist when looking at the big picture.

The second point that needs to be carried out in this procedure of finding a bankruptcy alternative is to take your findings from the first step and apply them. If one finds, that on balance known assets and debt/ liabilities have been discovered that all is needed to start getting ahead is to make arrangements with creditors to pay an additional $300 or $400 a month for say 18 months then this can be easily doable through the use of ones assets list. Take out of the house and in alongside a family group member or friend and make arrangements to just pay half of whatever was being got rent/mortgage on the prior residence. Make use of this extra cash to help make the $300 or $400 payment. If the saved rent/mortgage money is not enough than go to people you have business bonds with and ask for some after hours work. Sure no one wants to employ all their time working, but it is a viable bankruptcy alternative and one that works. Either way, whether declaring bankruptcy or finding an alternative, both will be hard regardless of what. One (bankruptcy), will just cause difficulties for a lot longer period. Take the temporary pain and possible hit to ones pride and locate a bankruptcy alternative. Short term financial pain is always preferred over long term.

Once a bankruptcy alternative plan is in place find someone or a long way to hold you accountable to it. Some people have a mentor or friend check in on them once every week and chat to them about how their plan is going and ideas to make it quicker and simpler as time goes by. Others use the net and begin weblogs about their bankruptcy alternative and people come to their web log to read up on their progress with their plan and leave helpful advice and encouragement. This can also be a great way to start a small business as well because most of the people that come to bankruptcy alternative web log will be novices at the whole bankruptcy process and will seek advice or service which may be provided as one learns more about the process themselves. The chances of a bankruptcy alternative are endless, but if your deep in arrears it is import to take action today.