If you chose a New Years resolution to get out of debt, you’ve made a wonderful decision.

As a bankruptcy attorney in Memphis, TN, I’ve seen a lot of people set this goal over the years, and I’ve helped thousands of people achieve it. Here’s what you can do to make your goal a success:

Steps to Become Debt-Free This Year

First, know what your debts are. You’ll want to sit down with your bank account and figure out how much you owe and to whom. If you do this from the very beginning, you’ll have a much clearer goal with a number in mind to work toward.

Next, just like with any goal, you will have much more success if you write it down and say it out loud to other people. Studies show people who do both have a much greater chance of success. Write your goal down as something you will definitely accomplish: For example, “I will get out of debt by (month).” Once you’ve done that, tell someone else. They can offer accountability, and many people may either have advice to offer or decide to join you.

Then it’s time to make a plan. If you don’t have very much debt, or if you have some clear ideas for how to pay it off, you may just need to tweak your budget. But for most people, they need to talk with someone experienced in budgeting and finance. Some churches and other non-profits offer financial planners or credit counselors who may be able to help. This is a good solution if you have some credit card debt or medical debt that you feel you’ll be able to pay back on your own.

When You Can’t Pay Off the Debt

Some people would love to make their New Years Resolution to get out of debt, but they don’t believe it’s possible.

Maybe that’s you. Maybe you have so much debt you feel you’ll never escape it. This can happen through medical emergencies, job loss, or just the way life hits us. Sometimes we’re irresponsible with money, and sometimes it’s just horrible luck. Either way, debt can rob us of joy and become an enormous burden on our daily lives.

You don’t have to live that way forever. If the burden of debt feels totally overwhelming, that’s where I come in. Bankruptcy is a federal law designed to help people in exactly your situation. And it doesn’t have to be a scary, painful experience.

At our firm, we help people get out of debt and restart their lives. We help people raise their credit back to an A-rating and get a totally fresh start. And we can help you, too.

If you need help with you New Years resolution to get out of debt, contact us today. We can help you make that dream a reality.