It is imperative that we make consumers more aware of the? long-term effects of their financial decisions, particularly in managing their? credit card debt, so that they can avoid financial pitfalls that may lead to? bankruptcy. ~ Daniel? Akaka.
Many people fall behind on their?debts, or?may be current on debts but feel so confined by their?payment?that they just want the stress to go away. They turn on the TV?to escape reality and watch a commercial that is selling?bankruptcy.?Bankruptcy attorneys will tell you that it is easy to bankrupt and that you will be free of your burden. However, they are being paid upfront by you. Not only will you pay the?approximately $200 filing fee in Washington State, you will also pay the attorney fee.
?You can only file Chapter 7 bankruptcy once every six years.
Filing bankruptcy, in many cases, does not solve the problem of over-spending that got you?into this position. It is time to?change your habits. You are not bankrupt if your home is underwater. As long as you can afford the payments, you signed a contract with a bank that said you??promised to pay?. Not that you promised to pay if the value was only going up.
Seek professional help
A financial coach is able to walk you through the process of budgeting, prioritizing bills and payments, and making a plan to get out of debt and avoid bankruptcy. It is not easy, and ?it is not a short process. But in the end, you will be pointed in the right direction to change your habits, your life and your future for the better and most of all be in control of your?money?so that you are never in this position again.
Tim and Kathryn Gerken are financial coaches?with Dave Ramsey in Newcastle, WA. They coach, teach and serve their community in the greater Seattle area. To find out more contact us today.
Source: http://www.gerkenfinancialcoaching.com/2012/10/deciding-when-to-bankrupt/
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