There are several strategies for avoiding bankruptcy. Below are a few of the most widespread: -
1. Ensure that you pay all of your monthly bills on time and in full. If you're behind, contact your creditor immediately so that they can work with you to catch up.
2. Keep up with your credit card balances. If you don't make payments on time, it could lead to massive interest charges and penalties for late payments.
3. Do not use your credit cards for cash advances or overdrafts. This can lead to additional fees and even bankruptcy if the balance exceeds your available credit limit.
4. Don't make any major purchases.
5. Don't go into debt to pay for medical expenses.
6. Don't buy a home unless you can afford it.
7. Make sure you have enough savings in case of an emergency, like a job loss or medical bill that's too big for your regular insurance plan to cover.
8. If you're behind on bills, don't ignore them. reach out to creditors and work out payment plans with them before filing bankruptcy protection papers at the courthouse.
9. Do not take out a second mortgage on your home. This will only increase your debt load, and make it more difficult for you to get out of debt in the future.
10. Do not buy things you cannot afford with credit cards or other loans that are not good for emergencies only (like car repairs).
1. Ensure that you pay all of your monthly bills on time and in full. If you're behind, contact your creditor immediately so that they can work with you to catch up.
2. Keep up with your credit card balances. If you don't make payments on time, it could lead to massive interest charges and penalties for late payments.
3. Do not use your credit cards for cash advances or overdrafts. This can lead to additional fees and even bankruptcy if the balance exceeds your available credit limit.
4. Don't make any major purchases.
5. Don't go into debt to pay for medical expenses.
6. Don't buy a home unless you can afford it.
7. Make sure you have enough savings in case of an emergency, like a job loss or medical bill that's too big for your regular insurance plan to cover.
8. If you're behind on bills, don't ignore them. reach out to creditors and work out payment plans with them before filing bankruptcy protection papers at the courthouse.
9. Do not take out a second mortgage on your home. This will only increase your debt load, and make it more difficult for you to get out of debt in the future.
10. Do not buy things you cannot afford with credit cards or other loans that are not good for emergencies only (like car repairs).
