Millions of people continue to fall deeper into debt, as the financial landscape continues to erode. Instead of filing for bankruptcy, why not look into obtaining government grants to help pay off your debt? The process is free — and while it’s not always easy, it could really be worth your time.
Why Should You Look Into Government Grants?
First off, searching and applying for government grants is totally free. Secondly, there are several alternatives to bankruptcy and this is one of the best. You don’t have to pay this money back, so if you qualify and receive a government grant you will be receiving free money.
Do You Qualify?
Do you qualify for a government grant? Well, that will depend on your financial situation and how that situation is presented during the grant application process. For starters, to qualify your income and net worth combined must not be able to pay off your debts. From this statement you may think you automatically qualify — however, be aware that the government may think otherwise and the screening process is actually pretty tough.
The process is fairly simple, though it may take a while. This is what will happen should you decide to try the process:
- They government will look at the income you 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 you claim is not enough to meet the monthly commitments toward all the debts you owe.
If the answer to all three of these questions is a no, then the government-assessing officer will more than likely sanction the grant. Why does the government do this? It is a way for the government to help people in need while at the same time helping to rebuild the financial structure of the nation.
How to Apply
There will be some basic pieces of information you will need to start the application process. If you do choose this alternative to bankruptcy, gather up the following documents :
- Social Security Card
- Tax Documents
- Birth Certificate
- Other Relevant Documents of Ownership
The above documentation will need to be included with the grant application (more often than not). Different grants will want different information, but the above will be needed for just about all of them. Good luck!