Maintain your old Siemens Hipath system

Bankruptcy - Is It The Right Choice For You?

Bankruptcy is one of the tougher choices we as adults face in today's society where it is the norm to be in debt, albeit some more so than others. Credit card offers materialize whether you are looking for credit or not. All with their own perks and benefits may sound tempting enough to open and start charging. After all that free toaster oven, or the free airline perks might go a long ways! Or on the second look they might not be so free after you account for the interest rates or the additional card usage charges that some credit card companies place into your annual or monthly charges. We all like the word free, after all there's not a whole lot better than getting something and not having to pay for it. However that portion of the topic is for an article somewhere down the line at another time as this article is to serve as focus on the tough choice of filing for bankruptcy protection.

If necessary bankruptcy provides a very valuable and viable option for those who must find a way to get out of their current financial situations. With the medical costs increasing annually and the cost of living seeming to increase daily, just look at the increasing cost of groceries or fuel at the pumps for an example, it is more understandable as to why over so many Americans filed for bankruptcy protection last year.

On the same note it is important that an individual takes all necessary precautions when making the decision to file or not. Here are a few things to review before you seek help.

Household Budget ?

Have you worked on creating a household budget that you can stick to? For example purposes lets say that you have a cell phone bill that averages $75 dollars per month. Let's also say that you have a cable TV bill that runs about $60 dollars per month. By removing those two items you could potentially free yourself an additional $135 dollars to pay towards your outstanding debt. This may not seem like much but let's say we factor in other cost such as your entertainment expenditures, magazine subscriptions, cigarettes, eating out, things that are more for pleasure but not needed to make it. You could potentially save several hundreds of dollars to apply to other debts that require payment. Adjusting your budget may even allow you to pay more than needed therefore getting yourself out of debt sooner than initially thought.

Employment ?

Few of us want to work more. Work is one of those things that we know needs to be done however it's not always the brightest way to spend our days. However I recommend that you look at your schedule to determine if you are capable of finding a short time job to help pay back your debts, or at least give you the head start needed to help you gain control of your finances and possibly avoid bankruptcy. Would working an additional 20 hours a week for 3 months give you the financial lift needed to reduce your debts to the point where when coupled with a restructured household budget give you the lift needed to resolve your debts on your own? For example let's say you are able to pick up a part time job at $7.50 per hour for 20 hours per week. Let's say your taxes are 25% of your gross pay. You would end up netting $450 per month. This might not seem like much, however if you do this for three months you could apply $1350 dollars towards your total debt. If you add that along with the money you potentially saved after reviewing your household budget this could lead to an additional $1950 dollars that you may be able to apply towards your outstanding debt based on an average of a $200 monthly savings from your newly created budget plan.

Secured Debt ?

In some situation bankruptcy may be able to be avoided if an individual looks at their secured debt and can find if they may be able to reduce their monthly payments through consolidation or refinancing. For example let's say you have a car payment that runs you around $350 dollars per month and you have a house payment that runs you $1000 per month. These two purchases together will drain $1350 per month from your account. If you speak to a bank or a credit union ask them if they have refinancing options available that will leave you with a lower monthly payment and a lower interest rate. This option should be used as a last resort as you are creating a loan to replace another loan in which you will most likely pay a lengthier term on.

Credit Counseling ?

Try speaking to a debt reduction service regarding your financial situation. It is important to make sure that the company you are speaking with is a credit counseling company in good standing with the Better Business Bureau and offers you free advice without pushing you into a debt repayment plan. The company you speak to should review with you all of your options before making the determination that there service is needed.

By looking into these options you may save yourself from declaring bankruptcy and harming your creditworthiness for up to ten years. Although bankruptcy is an option, it should be the last option as it does more damage than good in many cases.

Article written by Richard Munster

Rick Munster is the Media Planner for Debt Reduction Services When he is not busy media planning he enjoys writing, hiking or fishing near his home of Boise, Id.

In The News:

Weinstein in court on rape and sex assault charges
Fri, 25 May 2018 15:50:00 +0100
Hollywood producer Harvey Weinstein has appeared in court in New York to face a number of charges, including rape and a criminal sex act.

'Two thirds' vote to change Irish abortion laws
Fri, 25 May 2018 22:11:00 +0100
The first exit poll on Ireland's abortion referendum says 68% of voters want to change the law .

Putin: 'Of course' Russia not behind MH17 tragedy
Fri, 25 May 2018 17:53:00 +0100
Vladimir Putin has hit back at an investigation that concluded Russia was responsible for shooting down flight MH17, telling reporters "of course" his country was not to blame.

Child's birthday party 'destroyed' by Canada bombing
Fri, 25 May 2018 06:12:00 +0100
Fifteen people have been injured after two men walked into an Indian restaurant and set off a bomb, Canadian police say.

Raids linked to ex-PM find £21m and luxury bags
Fri, 25 May 2018 11:10:00 +0100
Police in Malaysia have seized more than 400 luxury handbags and £21.3m in cash during raids on several apartments linked to former prime minister Najib Razak.

Erfahrungen mit Pallhuber Wein
Agen Bola SBOBET Terpercaya

Travel in comfort and at your leisure with CT Airlink Limousine & Car Service for top quality private transportation and exceptional customer service. We operate Sedans, SUVs & Vans for CT Car Services to covering all Connecticut airports including Car Service from CT to Newark Airport , Mohegan Casino Uncasville CT, Foxwoods Casino Mashantucket CT, Manhattan Cruise Terminal NYC, Brooklyn Cruise Terminal NYC and Bayonne Cruise Terminal NJ. CT Airlink hire licensed and friendly chauffeurs who have in-depth knowledge of the Areas.

Bankruptcy - Is It The Right Choice For You?

Bankruptcy is one of the tougher choices we as adults... Read More

The Credit Card Debt Termination Scam

"Legally terminate credit card debt! You can be debt-free in... Read More

Eight Ways to Consolidate Debt

Next to winning the lottery, a debt consolidation loan is... Read More

Worried About Debts?

Having trouble paying your bills? Getting dunning notices from creditors?... Read More

How to Reduce Your Debt in 5 Easy Steps

If you have incurred substantial personal debt, consider these options:... Read More

Learn The Five Key Debt Reduction Steps You Must Take Immediately!

Step 1. The purpose of this first step is to... Read More

Debt Elimination 1

If you have multiple debts, you may well be wishing... Read More

Currency Trading Fee Concept

Troubles with Global Economy; Do you see future problems with... Read More

A History of Money and Banking Secrets That Banks Dont Want Published

A History of Money and TradeTo start with a history... Read More

Start Small and Your Wealth Will Get Bigger

We've all heard the phrase, "You have to start somewhere."... Read More

Bankruptcy: What You Need to Know

Personal bankruptcy is a legal way to give people with... Read More

Top Ten Reasons People File for Bankruptcy

1. Eliminate the legal obligation to pay many of your... Read More

How to Protect Yourself: Debt Collections

So you are getting collection calls? You're desk is full... Read More

UK Debt When Moving Abroad

The idea of moving abroad to escape debt seems to... Read More

Why You Should Get Out of Debt Today?

The main reason for getting out of debt today, is... Read More

Bankruptcy Abuse

Bankruptcy is little more than a smack on the hand... Read More

Five Hot Tips To Get Out Of Debt Forever

The financial and psychological burden of being in debt causes... Read More

Credit Card Debt Freedom is Possible

Credit card debt have you drowning financially? You're not alone.... Read More

What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way

We have all experienced getting so far in debt we... Read More

Debt Elimination 3

Planning To Achieve Debt EliminationOnce you have started the process... Read More

Debt Problems? You Can Negotiate With Your Creditors

It is always possible to negotiate with creditors ? even... Read More

Personal Bankruptcy: Last Option To Legally Stop Bill Collectors

Do you have stacks of unpaid bills?Are you in debt?Are... Read More

Assess Your Financial Attitude and Eliminate Your Debt Forever

Want to know if your attitude towards your finances is... Read More

Budgeting and Debt Management

Debt management (specifically unsecured) is the first step to taking... Read More

New Bankruptcy Legislation May Make it Harder to Find an Attorney

The recently passed Bankruptcy Abuse prevention and Consumer Protection Act... Read More