- Be Honest With Your Creditors
Your creditors would rather get some money from you than no money at all. Let them know you are facing bankruptcy and ask if they’re able to negotiate a lower monthly payment, a decrease in your interest rate—or both. Many credit card companies and banks have hardship programs intended for this type of situation. But you don’t know if you don’t ask.
Momentum Advisors, Tiffany Hawkins and Allan Boomer, can be heard every Sunday on SiriusXM Urban View (Channel 126) at 11 a.m. ET. You can follow them on Twitter. Or visit their website.
