3 Things to Follow To Avoid Bankruptcy

July 19, 2010 - PRLog -- Bankruptcy is the worst of all and it’s not at all having fun, simple or easy. If one’s people get bankrupt then they have to live with this mark throughout their life. It’s a serious consequence to deal with, but now Bankruptcyonly is there to solve all your problems. Debt relief options and free bankruptcy consultation is provided to all over here. There are many ways to avoid bankruptcy but, it should be followed strictly with full discipline. Bankruptcy process is difficult to deal with, but one can come out of it, if followed seriously.

Bankruptcy is something that, if one is by any means able too, one should avoid at all cost. There are three main ways to avoid bankruptcy and they are listed below.

Lower down expense

With manageable level of debt one can shun bankruptcy, but what is this manageable level? There are many specialists which concur that if the unsecured debt is higher than annual income than bankruptcy is difficult to manage. For example if one makes $40,000 a year than $25,000 in credit card debt is manageable, 65,000 are not. The manageable level can be stretched depending on the extremes one is willing to face to avoid bankruptcy. Bankruptcy advice is always helpful to avoid it.

If the level of debt is manageable then it’s good to pay the debt. One can pay the higher interest rate debt first followed by the lower interest rate debt, this help to clear the debt faster. One should spend less than his earnings this will allow him to clear the debt easily.

Debt management plan

If the monthly credit card payment is just unreachable and one has done all to lower the expense than, a debt management plan is the best option. In a debt management plan the interest rate are reduced and all the unsecured debts are paid at ones. If a DMP is followed strictly than one can avoid bankruptcy easily. Bankruptcy attorney will help you to deal with the complete process and they will also provide the ways to avoid bankruptcy.

When should one file Bankrutpcy?

If the above first two option doesn’t work then one has to go through the Filing Chapter 7 bankruptcy. One can also go through the Chapter 13 bankruptcy rules and can get help from that.

If all this three things are followed with full attention and discipline than one can fight with bankruptcy situation.

Avail Chapter 13 Bankruptcy rules here! http://www.bankruptcyonly.com/chapter-13-bankruptcy.php

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