Over one million individuals file bankruptcy every year. As the economy continues to lag, Americans are facing tough financial circumstances. Many suffered the loss of a job, an unexpected medical illness, divorce, or an unexpected circumstance that financially devastates the family. For these families that have run into difficult financial times, considering the different options available to them can be vital to the future financial stability of the family.
However, there are also those individuals who have over burdened themselves with excessive debt and are now suffering the consequences. They are not able to even make the minimum payments on their debt let alone pay their living expenses. It is important for these individuals to exercise common sense when it comes to budgeting and money management. Sometimes this is easier said than done in today's climate of easy credit and instant gratification. The bottom line for these folks is, if you don't want to end up filing for bankruptcy then stop the unnecessary spending. Begin by putting an end to the crazy credit card spending. Some people even go so far as to destroy their credit cards, using only their ATM card for necessary purchases, emergencies, travel, and any other unexpected expense that arises. You must make a detailed list of your needs such as shelter, food, and transportation, as opposed to all the "wants". Look at your income verses what your essential spending is. Create a budget and stick to it diligently. Cut out the spending on luxuries such as eating out, entertainment, and travel. Being frugal will add a little extra cash into the budget each month. The thing to keep in mind is that most financial problems do not just happen overnight. It takes a period of time to accumulate large amounts of debt. Therefore, digging one's self out of a financial hole doesn't just happen overnight.
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Even if an individual has exhausted all of their options and determines that filing bankruptcy is in their future, it still takes time from start to finish to get a bankruptcy discharge. The best thing to do is when someone gets themselves into financial trouble is to immediately speak with a bankruptcy attorney. An experienced bankruptcy attorney can evaluate an individual's personal financial situation and determine if filing bankruptcy is even an option for them. If not, they can assist them in seeking financial counseling or possibly even mortgage modification or anything else that may best suit the individual's financial needs. Of course it is always best not to live beyond your means and overspend into massive debt, but if one finds themselves in a situation where they are struggling to make ends meet, then seeking the assistance of a bankruptcy attorney in the beginning can alleviate further stress and put the debtor on the road to a brighter financial future.
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