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Should I File For Bankruptcy
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"Should I file bankruptcy?" was exactly the question on my mind when I was wallowing in debt some time last year. Well, "should I file bankruptcy"? is a very serious question. If you jump into filing bankruptcy, you will expect to carry the consequences on your credit report scores or reports. This can lead to limiting your options when it is time to purchase a home or secure a job. Filing bankruptcy is also a process that drains your emotions and energy. I will advise you to carefully consider all of your options before you plunge into filing bankruptcy.

The answer to the question "Should I file bankruptcy"? cannot be answered in just a word. To start with, you need to consider all other options possible. Begin by writing down a set budget. You need to consider all expenses that are unnecessary. After that, you should put your expenses in order of relative importance. Your food, home and utilities need to be fully covered. Then, prioritize the constituents of the list. Figure out which bills you cannot pay and total them. At the end of the day, you may find out that you are not as bad as you thought you were.

With unrelenting determination, you can even turn the situation around if the amount is about a thousand dollars. Pay attention to the large debts you owe and look for far-reaching ways to reduce them. You can think of selling your expensive cars to buy a cheaper one and reduce your payments. If you have a boat, you can consider selling it. If you own a house that is 25% of your income, it will be wise to sell it off to raise funds. In addition to this, not until you get some of your payments under control, it is wise to put your student loans on economic hardship deferment.

If you have explored enough ways to reduce your debt, you should think of ways to raise your come. Rather than fill your thoughts with "Should I file bankruptcy"?, think of working extra time, freelance or take on a second job. You can also sell some of your used items online and use the money to settle your debt. This will greatly help reduce your loan payments.

Rather than ask, "should I file bankruptcy"?, say to yourself "I will set up a debt payment plan"! The plan will, in no small measure, help you pay your debts quickly. Set up your plan in order of smallest to largest debt, so that you can free up more money for the snowball in no time. You can as well order your debts from the highest to the lowest interest rates. This will help you save money on interest.

It takes a lot of self-discipline not to file bankruptcy when in debt. But if you seem not to be making any progress after applying these tips, you can answer "Yes"! to the question "Should I file bankruptcy"? and consider bankruptcy as an option when every other step fails. Filing bankruptcy should be your last resort. Do not forget that your student loans will not be discharged when you file bankruptcy. All the best!


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