There are times when we find ourselves in deep financial trouble and borrowing tend to be the only solution which most times lead to bankruptcy , but bankruptcy does not need to be the first option for someone in serious financial trouble, according to a report by www.moneycrashers.com.
But bankruptcy sounds so easy, right? You hire an attorney, they file some papers, and your slate is wiped clean. Well, it is not quite that easy, and many people take filing for bankruptcy lightly nowadays. Here are reasons why you should try to avoid bankruptcy at all costs:
It puts an emotional strain on your relationships: You will be getting sued, dealing with attorneys, and going to trial hearings. It is not a walk in the park, and if you are married, it will definitely affect your relationship.
It can be expensive: Filing for bankruptcy is not for free, and if you want to do it right, you will need a decent attorney to handle it for you, and attorneys are not free! If you don’t use an attorney, you leave yourself vulnerable to possible liability for debts you can’t pay. Remember, it can be expensive to go broke!
Most people don’t need to file for bankruptcy to get out of their financial mess. Most times, it only requires you to get organised, take control of your life, and start systematically paying off the debt. Get on a written budget, work another job, sell a bunch of stuff, and get your debts paid off. It sounds so simple, but the hard part is overcoming the person that got you into this mess…yourself. If you can overcome yourself and make wiser decisions, you can win with money and avoid bankruptcy.
Source: ( Punch Nigeria )