In some cases, filing for bankruptcy or losing your home to foreclosure are the only methods you have to clear debt and start rebuilding your finances. However, these are last-ditch efforts that severely impact your life. You could lose your house and many other belongings in order to clear away debt. There are, however, a few tips that can help you avoid either of these legal proceedings.

Being in debt is highly stressful, but the first thing to do is simply sit down and make a comprehensive list of your assets and your debts. Assets include your home, your automobiles, furniture, electronic equipment, jewelry and just about everything that has value. Be sure to list what each item is worth realistically. In addition, write down the names of all the companies and people to whom you owe money, including bills such as cable and utilities, credit card companies, loan companies and friends and family. Take a look at your monthly income and compare how much you spend to how much you take in.

Once you have this list, begin thinking about what items you can cut. If you are about to foreclose or are so deep in debt that you are considering bankruptcy, it is time to make some tough choices. For instance, can you get by with just one family car? Are there other items you can sell to pay off debts, such as jewelry or perhaps a luxury item such as a boat or motorcycle? Eliminate your landline and rather than paying for an expensive cell phone, opt for the cheapest plan possible. Cancel the cable and any extra subscriptions you have, and eat at home, rather than opting for restaurants.

Often one of the reasons why people are in a difficult situation is because they have trouble making their mortgage payment and have missed several payments or paid their mortgage late. If you struggle each month to pay your mortgage, selling your home could be a way to deal with a huge amount of debt. Not only will you eliminate the mortgage payment, you might make enough from the sale to pay off other debts.

Putting your house on the market for a traditional sale, however, can take time and you might not be able to wait the weeks or months it takes to sell the home. In addition, the seller typically pays a substantial commission to the realtors upon the close of escrow, and this might not be something you can afford. So it probably would be best to contact a real estate investor or real estate investment firm. They buy Virginia Beach homes fast, often in less than 10 days time, so you will have cash in hand in just days rather than waiting for a home to sell.

For those who need to stop foreclosure in Virginia Beach, the team at VA Home Investments can help. In many cases, you’ll have an offer for your home within 24 hours, and they can close the sale in as little as nine days. If you need to sell a home quickly in Virginia Beach, there are many advantages to going through a firm such as VA Home Investments. They charge no commissions or fees, and they will buy homes in any neighborhood, in any price range and in any condition. You won’t even have to clean, repair and stage you home, they will take it as-is, which can be just the solution you need in a dire financial situation.

Evella Clifford loves reading real estate blogs. If you are searching for real estate investor who can assist in Virginia Beach sell house quickly, or to discover methods on how to stop foreclosure Virginia Beach, please check out the VA Home Investments site today.