What If I Cannot Pay My Bills?
Many people feel stressed when they realize they have too many monthly bills. When the costs of living exceed the costs of enjoying life, many people become frustrated. Some people cope by giving up while others turn away and avoid looking at their finances.
Ignoring the situation will not make the bills go away. One of the first steps for managing bills when you cannot pay them is to contact those you owe money to. This might mean your lenders or creditors. Explain your financial situation and why you cannot afford the monthly payments. They might be able to offer:
Lower monthly payments
Decreased interest rates
New payment plans
There are also government programs for bills that may help you cover expenses you cannot afford at this time. The Low Income Home Energy Assistance Program helps with utility costs, heating bills, and cooling bills. Temporary Assistance for Needy Families is a program that can help cover bills for housing, energy, childcare costs, and food. Lifeline helps lower the costs of phone bills. GoodRx can lower medication costs.
Eligibility for these programs varies depending on the type of program and the extent of your financial situation. If you find yourself ineligible for any of these programs, there are other options for taking control of your bills.
Take Control of Your Bills Today
One of the most powerful ways to start taking control of your bills is budgeting. Some people who hear the word budgeting imagine a life where they cannot spend money on anything they enjoy. The reality is that budgeting is designed to help you still spend money on what you enjoy while improving your finances.
Budgeting starts with adding up your estimated monthly expenses and subtracting this from your monthly income. See what money is leftover. Break down your monthly expenses into necessities and non-necessities. Cut expenses you can let go of until you catch up on bills.
A technique that can help maintain a budget and keep your finances organized is automated payments. By setting up automated bill-payments, you will almost never be charged late fees or face penalties for missing a bill payment. This makes the process of managing multiple bills easier. Trying to remember to pay this or that bill is not always easy.
Tom Bible Law Can Help
You may have other options if you are overwhelmed with bills you cannot pay. Feel free to call us today at Tom Bible Law at (423) 424-3116 for a consultation about bankruptcy. Our legal team of Tennessee bankruptcy attorneys is ready to help you escape your financial situation through bankruptcy. We serve clients in the Tennessee cities of Chattanooga, Kingsport, and Tullahoma.