Bankruptcy is a very reasonable option for those in debt. If you have to file, the rewards can be life changing. But it's not free, has some risks, does take time, and can be avoided. If you feel filing bankruptcy is your best option, consult with a professional, experienced bankruptcy lawyer.
There are many ways to avoid bankruptcy in the first place.
Your Credit Balance
Don't buy items you can't afford. Well, that's obvious. But sometimes you get a bonus at work or you see a good deal and bite. If you can keep your credit balance paid, you can buy higher priced items given time. But if sometimes you can only pay on the interest, you should stop buying.
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New Credit Cards
We all get the nice letters in the mail promising low interest rates and frequent flyer miles and other perks. However, shred every new credit card you get. Yes, shred them. If you have one or two credit cards, that is enough.
Your Budget
If you have a family, making a budget is easy, but following it can be tough. If you are an individual, you might not spend the time to create a budget at all. Write down a budget, on real paper (if not your computer), and stick to it for as long as possible. This will pay off in the long run.
Buying a Home
If you buy a home, just like a car, you might go for looks and appeal. If you have a large family, for example, you might want a home instead of an apartment. But stay within your budget, and plan for what happens if your income stops.
Buying a Car
A car can make a man or woman look great, but they can also cost more than your mortgage or apartment bill. Be thrifty. Make your car last as long as possible with minimal repairs, and only buy a new car when you have to. No fun? You will be able to spend this money in the future. For now, stick to the budget, be thrifty, and get the most out of your money.
Get Health Insurance
If you have a job with no health insurance, you may try to find a job which offers it. If you are self employed, you definitely need to foot the bill for some health insurance. It's worth it. Lack of health coverage is the prime culprit of individuals and families filing bankruptcy.
Other Insurance
You should also get home and auto insurance with the most coverage, and keep them up. While paying the extra money may seem needless, especially if you have a less expensive home or car, it's a good safety net for accidents or theft.
Making Investments
They might say they can double your money, but in stocks and other risky investments, promises are worth little. Invest in definite plans which have less risk. You can manage some risk, but putting all your money into some risky stocks is a recipe for disaster.
Joint Debts
If your spouse has some bad spending habits, it's time to stop them. You need to avoid owing debts for items you did not even buy. This is easier said than done when you're married, but, though seemingly minor, it can lead to high credit interest rates and eventually bankruptcy.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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