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Follow on Google News | Five tips on how to avoid bankruptcyKnow your options and make the best decision for your situation
By: InCharge Debt Solutions Get a free credit counseling session - speaking with a certified credit counselor who can help you analyze your situation, prepare a budget, and explain the solutions that may be available to you is always a good idea. Know the law – contacting a bankruptcy attorney is always a good idea, but so is reading and researching on your own. Know the differences between the various chapters of bankruptcy, understand your rights, and learn about the entire process before you leap. Consider the “rules of thumb” – you may have heard of the 60-60 rule or the 36% ratio standard. Use them as a good first step in evaluating your debt situation. If you calculate that you will be unable to pay off more than 60% of your current debt in 60 months, it may be a sign that bankruptcy is a potential option. If your debt-to-income ratio exceeds 36%, you might be in the same boat. Understand your situation – are you married or divorced, with accounts in both names? The laws about joint responsibility for debts and the bankruptcy filing process vary from state to state. Check the laws in your state and understand your rights and obligations. Research repayment plans – find out how much you will have to pay, and how much you can afford monthly, if you are filing for bankruptcy protection that requires full or partial repayment. Again, repayment plans vary in length and term by state. Remember, debt problems are often characterized by financial habits that can be changed. Make a commitment to learn as much as you can, follow these important tips, and build a brighter future for yourself and your family. For more information, contact InCharge Debt Solutions at 888-360-9694 or visit http://www.InCharge.org. # # # About InCharge® Debt Solutions Headquartered in Orlando, Florida, InCharge Debt Solutions (InCharge) provides professional credit counseling, housing counseling and personal money management education to consumers, and is a member of the Association of Independent Consumer Credit Counseling Agencies (AICCCA). InCharge is one of the unique nonprofit credit counseling and housing counseling organizations to be dually accredited by both ISO 9001-2008 Quality Standards and the Council on Accreditation (COA). Consumers can access InCharge Debt Solutions credit counseling services for free by calling 1-888-360-9694 or online at http://www.InCharge.org. For housing counseling services, call 877-712-6040. End
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