You can find yourself in debt for various reasons. It may be that you recently went through a divorce. Perhaps you were in an accident, or it could be that your expenses are more than what you can handle. Whatever the case is, now you’re trying to tackle that debt and get out of the red. Follow these suggestions, and soon you will see your bank account balance returning to something more comfortable for you and your family.
1. Take Your Accident to Court
If you were injured in a situation that was no fault of your own but didn’t do anything about it, now is the time to start thinking about getting what you’re owed. Almost all personal injury cases, 95% to 96%, are settled before they get to the courtroom. So, if you avoided going through the proceedings because you simply didn’t want to deal with it, now is when you should speak to an attorney.
The money you get from a case like this will help pay for lost work hours and alleviate the medical bills that are likely a decent portion of your debt. In addition, some lawyers can win additional compensation for pain and suffering, so you can use that money to pay for any other bills you may have fallen behind on because of your accident.
2. Review Your Alimony
Reviewing your alimony payments is essential when getting out of debt. According to Statista, in 2019, there were approximately 750,000 divorces registered in the United States, so rest assured you’re not alone in this. Alimony payments are a significant financial obligation for many people post-divorce. If your money situation has changed since your divorce, you may be able to renegotiate the terms and lower your monthly payments. This, in turn, will free up money that you can use to pay off your debts.
Additionally, say you have been paying alimony for a while. In that case, it’s a good idea to check if your agreement has a review clause that allows you to revisit the terms after a set period. It’s also important to remember that alimony payments are tax-deductible, so reducing your costs could result in a higher taxable income, further impacting your financial situation. Working with a financial advisor or attorney is critical to help you navigate this complex process.
3. Consider Updating to Solar
Installing solar panels is an intelligent choice for anyone looking to get out of debt. Not only does it help the environment, but it also reduces your monthly energy bill. Unfortunately, the energy cost continues to rise yearly, but by investing in solar panels, you can lock in lower prices for decades. It’s estimated that you will benefit from the savings related to solar for at least 40 years, with solar panels included adequately in your infrastructure.
Reducing your monthly utility bills frees up more cash to pay off debt. Solar panels can also increase the value of your home, so it’s a wise investment that pays off in multiple ways. By installing solar panels, you’ll take control of your finances, reduce your carbon footprint, and make your home more energy efficient. It’s a win in more ways than one!
In conclusion, there are several ways to get out of debt, including taking your accident to court, reviewing your alimony payments, and updating to solar panels. Legal action for a personal injury case will help you get compensation for lost work hours and medical bills while renegotiating alimony payments frees up money for debt repayment. Updating to solar panels reduces monthly energy bills so that you will have less money going out regularly. These suggestions effectively tackle debt and bring your bank account balance back to a more comfortable level. However, working with an advisor is essential when taking control of your finances and making positive steps toward a debt-free future.