Millions of us are in debt, serious debt. Millions more continue to fall into debt on a weekly basis. The numbers are simply staggering, as we all try to make it through the current economic issues that our country is facing. Instead of opting for bankruptcy, why not look into government grants to help pay your debts off.
Why Government Grants?
The answer to this is brief and simple. Government grants are a great solution to bankruptcy. More and more of us are turning to bankruptcy because of what has happened in the economy, however, there are still other alternatives to bankruptcy, and this is one of the best ones. The best thing about getting a government grant is that you don’t have to pay it ack. It is basically free money to get you out of debt, should you qualify.
Do I Qualify?
Will you qualify for a government grant? It all depends on your financial situation and how it is presented during the application process. To qualify, your income and net worth combined must not be able to pay off your debts. You may think that you qualify automatically, but the government may think otherwise, so if you choose to apply, be aware that the screening process is tough. It is definitely worth the effort though, as there is no penalty or fee for the process, and if you get a “no” as an answer, then at least you tried.
What To Do First
The process may take a while, but it is fairly simple. This is what will happen:
- They will look at the income your earn and compare it to the amount of debt you owe.
- They will see if your debt can’t be paid off with your net worth, which is the net assets area of your finances.
- They will look and see if the income is not enough at least to meet the monthly commitments towards the debts.
If the answer for all the three questions turns out to a no, then the assessing officer sanctions the grants, as it is the motive of the government to try and help people who have nothing, so they can start over and help rebuild the nation.
How to Apply
There is basic documentation needed for applying for these government grants. If you choose this alternative to bankruptcy, then gather the following pieces of information to start.
- Social Security Card
- Tax Documents From the Past
- Birth Certificate
- Other Relevant Documents of Ownership
More often than not, all of these documents will need to be included with the application. Certain grants may want more information, but what is needed will be detailed and explained to you during the application process.
Start searching online for government grants that will give you money to pay off your debts and start a new life. This is a great alternative to bankruptcy, and for many people will be just what they need to get all there debts paid. Good luck!