Welcome to The Law Offices of Paul Y. Lee

You are not alone in the bankruptcy process. Let us serve as your guide, helping you secure maximum debt relief through whichever type of bankruptcy is best suited to your specific case. Contact us today to get started.

Three Simple Steps to Get Out of Debt without Filing for Bankruptcy

Few people actually want to file for bankruptcy. What they want is to get out from under debt and breathe easily again. The good news is that it is actually rather simple to get out of debt without filing for bankruptcy. The bad news is that just because it is simple, that does not mean that it is easy. Keep reading to learn the three steps to take and then contact The Law Offices of Paul Y. Lee at 888-748-0025 if you don’t think these steps are going to work for you.

Your Three-Step Solution to Getting Out of Debt

As we mentioned, the process is very simple:

  1. Make more money
  2. Spend less money
  3. Use 100% of your savings to pay off debt

If you are able to follow all three steps for long enough, you would eventually pay off your debt. The difficulty of course is that most people who find themselves in serious debt are not in a position to make significantly more money, have already cut their spending as much as they can, and are out of savings. What’s more, following that three-step process might not even be the smartest option.

Bankruptcy Alternatives Cost More Than You Think

If you want to pay off your debt without filing for bankruptcy, you could end up paying more than you think. If you are just saying “No,” to vacations, expensive coffee drinks and cable, then you should likely do that and pay off your debt.

If you are instead cutting into your emergency reserves (or you are unable to save them), are skipping health insurance, or using retirement savings to pay off debt, then you could be spending more than you think. All it will take is a slight reduction in work hours, or one minor issue with your car, and you will end up in a sticky – likely expensive – situation.

Make the Right Decisions for Your Long-Term Financial Good

When you decide what to do, make sure you are not just making decisions for today but are making the right choices for your long-term financial future. Whether you are facing debt to poor luck, bad choices, or a combination of the two, trying to pay off debt you cannot afford does nothing but make your life harder.

If you are curious to learn the best options for your unique situation, contact The Law Offices of Paul Y. Lee at 888-748-0025 to request a free bankruptcy consultation. We are happy to provide you with answers to your questions, assistance finding the right chapter to file, and much more. Call today!