In many cases financial problems leading to personal bankruptcy are the result of spending too much. The problem can be made worse if you are married, and one spouse is a spender, and the other spouse is a saver.
So what’s the answer? Make a marriage partnership as a bankruptcy alternative. That’s right, in addition to all of the other factors that make a marriage successful, treat the financial aspects of your marriage in the same way you would treat a business partnership. You and your spouse should regularly have a “board meeting” where you sit down and review your finances, and make financial plans for the future. Have a monthly meeting to discuss your plans for next month, and once a year do a complete review of your situation, and make plans for next year.
There is no point in one of you scrimping and saving to pay down a credit card balance, while the other spouse is spending too much. You both must agree on your priorities, and work together to carry them out. Start by drafting a personal budget, and then work hard to stick to it.
If you already have too much high interest debt, you and your spouse could apply for a debt consolidation loan to reduce the interest you pay.
If you disagree on how to deal with your debt, credit counseling is an option to review your situation.
If your marriage partnership is having severe financial problems, a Chapter 13 Wage Earner Plan if you live in the United States, or a consumer proposal if you live in Canada should be considered.
If all of these bankruptcy alternatives fail, your final option is personal bankruptcy. Personal bankruptcy is a last resort, but to save your marriage finances it may be necessary, so consider your options and get to work on building your marriage partnership.
Tagged as: budget, debt consolidation, credit counseling, Chapter 13, consumer proposal, personal bankruptcy, bankruptcy, Chapter 7 bankruptcy
Posted by Editor Bankruptcy Alternatives @ 2:42 pm