Bankruptcy! Why
Do you really feel that you are a candidate for bankruptcy?
Have you really looked at your finances
Where do you see yourself in the future?
Why did you get into this position you are in today?
Bankruptcy is a solution that most American’s today take on the challenge to clearing their debts. What is it about bankruptcy that makes the issue so bright to American’s in complete debt dysfunction. The term bankruptcy is defined as not having the ability to repay debts, in other words over extended. Today, most American’s claim that they will have to file bankruptcy because they cannot repay their credit cards or cannot pay their mortgage.
The major inquire is Why can’t American’s pay their mortgage?
Americans cannot pay their mortgage because we cannot come to terms on the fact that we CANNOT AFFORD IT!
The American culture needs to understand that not all people can afford homes, that is why there are apartments around every major city. Apartments are in status to make money but, if you look at some of the lease terms they offer they normally only extend from 6 months to twelve months. These are times when Americans should establish and not over extend themselves. I can understand that it may be rough living in an apartment not having a backyard for the kids or being able to make loud noise at your discretion. What people need to realize honest as I have is that if your household is bringing $30,000 a year in income then you are possibly able to set between five and ten thousand dollars a year.
Do you really feel that you are a candidate for bankruptcy?
There are many factors that can play key roles into this decision and thought. If you are working have you thought of how the bills could be paid off in a reasonable amount of time? Are you working? Are seeking better employment? Have you downsized or liquidated some of your assets? If you answered “yes” to all of these questions then you may be able to get out of debt in time without having to file for bankruptcy, after all you need to pay a lawyer a good amount of money to start the process.
Have you really looked at your finances?
Sit down and categorize your finances as if you were operating a business. Create forecasts projections as well as previous history reports. All you need is pen or pencil, paper and time! Converse with your significant other and look into the finances as a whole because two minds are better than one!
Where do you see yourself in the future?
Don’t stray from the basic principles that you learned when you were a child create goals and stick to them. This is not a foolish practice because it is from my experience that in the business world goals are set everyday. It is okay to create a list of wants but careful about fulfilling them.
Why did you get into this position you are in today?
Think of what placed you into the financial hardship that you are in today. Purchase time to set precautionary measures to ensure this doesn’t happen again. This is just like business, if you want to buy something consult with your spouse or simply take time and effort to search the market for the best deal.
In summation, if you are in financial hardship the government will want to know exactly why you are in the bankruptcy position. Credit counseling may be placed upon some terms to seek every available option that you have. Rule of thumb: Never hire a for-profit debt settlement company it does not work in the long bustle!
Related Posts
Filed under Declare Business Bankruptcy by on Feb 2nd, 2012. 