Home » Finance

Avoid Bankruptcy With Our 10 Top Tips

Nov 17, 2007
Many people want to know how they can avoid bancruptcy, it can be a difficult question to answer, especially when you have to consider the individuals unique circumstances. This article is going to try to give you the ten best ways to help you avoid filing for personal bankruptcy. This advice is just that, it's not legal advice and it certainly shouldnt be relied upon. You should seek qualified legal advice before making any decisions about your debt.

1. Idealy you need to increase the amount of money you have available to you every month. The best, and fastest way is to get a second job. You will only be able to take a second job if your full time job allows this. Even if the part time job only gives you two hundred dollars a week, that mounts up to 800 dollars a month, this will go a long way to reducing your debt. Write down all of the debts that you have, put the ones with the highest interest rate at the top as you will aim to pay these off first.

2. You must stop using your credit cards, they are the source of your trouble. If you can bear it then cut the cards up so that they can never be used again. Failing that you could give them to your wife. A credit card is however good for emergencies, you should keep one, just one mind!

3. Take a look at all of your assets and decide which ones are worth the most. Normally people don't realise just how much the things they own are worth.Houses are scarce goods and so appreciate in value, this appreciation may help in reducing your debt.If you cannot cover all of your debt by taking out a second mortgage then don't consider using this step, it's only worthwhile if you can pay everything off.

4. Unfortunately cars are not like houses, 99% of cars depreciate in value. If your car is still worth something then would you consider selling it? Of course you will need a car, so buy a cheaper car. Just remember that you do get what you pay for. Paying for something too cheep could be a really big mistake.

This is by no means a concise guide to reducing your debt, these are simply a few possible solutions to your debt.

Take a close look at all of your assets. You may be able to assess the equity in your home or other asset so that you can pay off the other debt you owe. Don't do this though if it is not realistic for you to maintain both your current mortgage and a second payment on the home. You don't want to end up losing it. Your vehicle many have equity in it as well that you can take advantage of. There is also the option of trading your vehicle in for one that comes with a lower payment. Just make sure it is reliable so you aren't constantly paying for repairs on it.
About the Author
You can also find more info on Bankruptcy Code and Bankruptcy Court.
Rating:
Please Rate:
(Average: Not rated)
Views: 108
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources