Steps To Take Before Bankruptcy
If you have unbearable debts and thinking of wiping it off with declaration of bankruptcy
, only on your decision to wait, while there may be other options. Try to improve the situation before the bankruptcy option to investigate. No matter how you go, the estimated 5 Instructions to see if we could avoid this drastic measure.
Detail out all your debts
First look at all the liabilities, such as guides in mortgage and car loan. How much per month fees? What are your rates? Then a list of all the fixed costs such as energy, telephone, insurance, food, etc. What is the total cost of these expenses? , Examining the debts of credit cards. Take all the credit card account and enter the amount due for each card and their interest.
Finally, write all the other expandable, these are the costs of volunteering as entertainment, gym membership, dinner in the restaurant and other impulse buys.
Eliminate the unnecessary expenses
Now, to avoid unnecessary costs like you should have a better idea of where the money goes, make a diet plan for cash, cash diet plan, a list of all your savings in the cost of voluntary departure. You must be a surprise, how much money can you save with care costs under control. Money you have saved to pay down debt.
Get the family involved and work in a group
Do not do it alone, because the supply of this as the condition of stress in your hands, and not to think and plan in a clear mind to get the family together and Tell them your financial problems and working together to control the household spending and eliminated unnecessary costs.
Cash out with your assets
If you own stock, you are in a better situation, because you can refinance or get a secured loan to pay your debts. If you are looking for a bankruptcy as your debt relief options, you will not have any equity in the hand already. But fairness is not the only asset that many people tend to forget things that have a cash value, but not sentimental value. Think antiques, old clothes or collectibles.
List of all property you own, you can sell and collect. Check closets, garage and storage locker, she says, and find that you can live without then, the species through the garage sale, eBay or car shops. Use the money to pay your debt as much as possible.
Go for consumer counseling service
Go guidance to consumers to make an appointment with a credit counseling agency and let the counselor to understand your situation and budget funds for their projects. Review the plan of debt management that are offered before signing to enroll in the plan. You can get some pictures of other credit counseling agencies for comparison. Choose the one that best suits your financial needs today. Although a plan of debt management may have a negative impact on your credit is better than bankruptcy.
Get A second or part time job
Although not much can be gained in part-time work, a bit of money coming in can keep a bad financial situation.
Bankruptcy may be your easy way out of debt, but the consequences can continue for 7-10 years. Always look for alternatives before choosing this option dramatically.
by: Michael SeoVida Francis
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