Commentary: Tips to avoid bankruptcyHon John C Ninfo II
Debt consolidation, in which several high-interest debts are paid off with one lower-interest loan, is often mentioned as a tool to avoid bankruptcy. If you qualify for such a loan, consolidation can be a good strategy, as long as it doesn't become an excuse to start overspending again. ...
Avoid using credit cards that carry balances month-to-month.“Don’t put it on plastic, because you’ve just added 25 percent to that bill,” said Mark Rukavina, founder ofCommunity Health Advisors, which consults with hospitals on financial assistance, billing and debt-collecting practices. Fi...
If you want to avoidbankruptcy, youmustprioritize your debt repayment. Make a plan for getting out of debt and stick to it. You might consider the ”snowball method” of paying off the smallest balance debts first or perhaps use the “debt avalanche” repayment strategy where you pay off th...
The U.S. economy is continuing to recover from the devastating financial collapse in 2008. The good news is that after a peak in 2010 of bankruptcy filings
Although bankruptcy doesn’t always mean the closure of your business, it’s surely a sign of distress. Follow these tips to avoid small business bankruptcy from rattling your venture.
They can also negotiate with your creditors on your behalf and help you avoid bankruptcy or other extreme measures. Always make sure to conduct due diligence to avoid paying more or getting scammed. 4. Increase Your Income A key strategy to saving money when you live paycheck to paycheck is ...
When to consider a debt consolidation program In today’s economy, it is very common for consumer’s to find themselves overwhelmed by credit card debt and in need of debt...[more] Tips on how to avoid bankruptcy Consumers often feel that bankruptcy is the only option they have when strugg...
If you cannot pay bills, you may end up in debt. This can lead to wage garnishment, liens against your business or property, or even bankruptcy. Is it better to pay bills early or on time? It’s always better to pay up early. If you can’t pay all of them at once, try to at...
The cancelled debt is not income, even if you receive a Form 1099-C: If you received the cancelled debt due to bankruptcy filing. To the extent you are insolvent immediately before the cancellation of the debt. Insolvency means your debts exceed the value of all your assets. You ...