Getting Out of Debt With a Low Income | Salt Lake City Bankruptcy Attorney (2024)

It can be the most helpless feeling in the world. They are currently thousands of people throughout Utah struggling with overwhelming debt. Far too many people are unable to pay their bills, mortgage or resolve their back taxes. Many people believe those in debt are irresponsible with their spending habit or responsible for their own financial failures. However, the truth is there are several different factors can come into play. They can happen to anyone. The loss of a job, a divorce or huge medical bills and unresolved student loans can place anyone in a difficult position. When a person has a low income, it can become even more challenging to climb out of crippling debt. Fortunately, there are solutions.

The Scary Reality of Living Paycheck to Paycheck

It is an all too familiar story. Countless people in Salt Lake City live on a tight budget due to their debt issues. The loss of a job could mean complete financial disaster. If you are living in debt, it is easy to fall for someone who claims to have fast and easy solutions. Those simply do not exist. However, there are several different types of debt relief solutions.

Get Organized

The first step is to create a realistic budget that can help you live comfortably. Start by making two lists. The first list will keep track of how much money you are actually spending. The second list will contain which people or organizations to whom you owe money. When creating these lists, try to be as honest and accurate as possible. If you are like most people struggling with debt, your lists are not going to be pleasant to read. But sometimes it is good to get a reality check. Remember, you have to learn how to crawl before you can walk.

Can I Save Money?

Getting out of debt often means incorporating changes in your spending habits. If you are serious about overcoming debt, you will need to make some sacrifices. Chances are you will need to watch every penny of your budget. But it is also important to be realistic. How long can you go living on your planned budget? It is an important question. If you are already working, you may need to find another part-time job to supplement your income. Driving for Uber or working in a grocery store may not sound very glamorous, but they are easy ways to make some extra money.

Visit a Debt Relief Attorney

If you have exhausted all your options, it may be time to consult with a legal professional. Salt Lake City bankruptcy attorney Justin M. Myers understands the challenges and obstacles of people going through financial hardships. Over the years, he has helped many of his clients resolve their debt issues by guiding them to file for Chapter 7 or Chapter 13 bankruptcy to get a fresh start on their finances. Bankruptcy cannot solve all of your problems. However, it can often be the first step to help many people find a temporary solution to eventually regain their financial footing. To learn more, contact the Salt Lake City bankruptcy law offices of Justin M. Myers and schedule a consultation to discuss your case.