Everyone would prefer to pay all of their bills on time every month, but sometimes that just isn’t possible. Maybe an unexpected layoff has decimated your finances, or a medical emergency has left you unable to work for several months. If you’re already far behind, it may be time to talk to a bankruptcy attorney, but if you expect your finances to recover, prioritizing your expenses will help you get through this difficult time.

5 Tips for Financial Triage 

1. Cover Basic Expenses First

Your credit card company or a hospital’s bill collectors might be calling on a daily basis, but take care of yourself and your family first. Once you’ve got housing, essential utilities, and food paid for, start thinking of paying your consumer debt. Eliminate extraneous expenses where you can, but ensure you have what you need to maintain your health. 

2. Pay Attention to Shutoff Dates

In a true financial emergency, you may not have enough to cover all utilities. In this case, concentrate on those with the earliest shutoff date, and deal with the rest later. This situation is usually not tenable in the long term, so you might want to consider talking to a bankruptcy attorney if you’re constantly struggling to keep your power on.

3. Make Lists 

Sometimes, you have no choice but to default on some accounts or leave some bills unpaid for a few weeks. Before deciding which ones to focus on, write down the most severe consequences of not paying each of your debts. This will give you valuable perspective that will help you make the right choice.

4. Make Partial Payments

If all of your bills are due at once, consider giving each of your creditors partial payments. They’ll likely keep calling for the rest of your balance due, but it may be enough to stave off the worst consequences. 

5. Talk to a Bankruptcy Attorney

If your financial troubles don’t seem to be ending in the near future, a bankruptcy attorney will help you file for debt relief, wiping away unsecured debt and giving you a fresh start. Filing for bankruptcy also triggers an automatic stay that puts an immediate stop to all collections activity, including phone calls and creditors from your lenders.

For over 22 years, Gilbert P. Kaback, Attorney at Law has helped borrowers throughout Colchester, CT, reclaim their lives from debt. They pride themselves on offering every client top-notch representation at affordable rates, making debt relief available to everyone. Visit their website to find out how they can help, or call (860) 537-0874 to arrange a consultation with an experienced bankruptcy attorney today.