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Thursday, March 20, 2008

How to avoid going bankruptcy

How to avoid going bankruptcy:

1) Make debts you are sure you will be able to repay.
Which is easier said than done.
Everybody is 100% sure to be successful when beginning a business.
Otherwise he wouldn't.
But from being sure and actually being, there are a lot of unpredictable and sometimes unavoidable events.
It is also easier to happen than to forecast ending up in a situation with no real prospect of paying off all your debts.

2) Avoid panicking and ask help where help can be given.
That means not from a friend or relative , but from a professional.
Since debts are the most frequent situation of today, they are usually more prepared to give the right advice and really helping to begin again.

3)Look out for the best Debt Management.

4) A good Debt Management means to plan the way to pay back all your debts, working out what you can realistically afford to pay back over a period of time.
This is just the beginning, but every success has the right beginning.

5) The plan must be realistic and can last up to 3-5 years.
Realistic, because you have to convince at least three-quarters of your creditors.
If you are able to maintain the regular monthly payments, you can come clear of debts and debt free.

6) At this point you will be smart enough to understand how far you can go.
And if you still do not, there is always a second chance...
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