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What Diets and Weight Loss Can Teach us About Avoiding Bankruptcy

 

According to recent statistics, most Americans are overweight, and need to lose weight, but have trouble with weight loss. Many Americans have more debt than they can handle, and are considering personal bankruptcy.

Those two statements may seem unrelated, but in fact trying to and trying to lose debt are very similar. They both start with a problem: either in the past you have eaten too much, or you have borrowed too much. And both weight loss and debt loss have a solution that’s easy to understand, but hard to put into practice.

If you want to lose weight, you need to go on a diet, or exercise more, or both. To lose debt, you need to spend less, or earn more, or both. Whether it’s weight loss or debt reduction, there is only one time to start:

Now.

That’s right, there is no time like the present. Don’t wait until tomorrow to start a diet, start exercising, or cut your spending. Do it now. The longer you wait, the harder it will be. If you wait too long to start a diet, your health can be impaired. If you wait too long to explore your bankruptcy alternatives you may have no choice but to go bankrupt.

Don’t wait. Start now.


Posted by Editor Bankruptcy Alternatives @ 1:15 pm
 

A Marriage Partnership as a Bankruptcy Alternative

 

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.

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Posted by Editor Bankruptcy Alternatives @ 2:42 pm
 

What are my Personal Bankruptcy Alternatives?

 

Before you make any decision, research your bankruptcy alternatives; bankruptcy-alternatives-information.com is a good place to start. Here are your bankruptcy alternatives:

First, work it out yourself. Start by making a personal budget to see what you spend each month. Then cut your spending to free up cash so you have more money to repay your debts.

Second, consider a debt consolidation loan. If you qualify, you may be able to borrow at a low interest rate to repay your high interest rate debts, such as credit cards.

Third, if you can’t do it on your own, consider credit counseling. A non-profit credit counselor can review your options and help you make a budget and stick to it to repay your debts. They can even negotiate with your creditors.

Fourth, if you have more debts than can be handled by these options, consider a Chapter 13 Wage Earner Plan if you live in the United States, or a consumer proposal if you live in Canada. These plans give you court ordered protection, and time to repay your debts, without the threat of having your wages seized.

If none of these bankruptcy alternatives are options, your final option is personal bankruptcy, but it should only be considered after you have considered all other options, so do your research today, and decide for yourself which option is best for you.

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Posted by Editor Bankruptcy Alternatives @ 12:12 am
 

 


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