Content Overview
- Summary
- Step 1. Create a Net Worth Statement and a Cash Flow Statement.
- Step 2. Examine your income
- Step 3. Examine your expenses.
- Step 4. If after eliminating your non-essential expenses, you still have more outlay than income, prioritize your debts.
- Step 5. Create a payment plan for your unsecured debt.
- Step 6. Renegotiate as much of your debt as you can according to your plan
- Step 7. If you still have a short fall, look for money including from loans against assets. Consider bartering
- Step 8. As a last resort, sell assets - perhaps even your residence.
- Step 9. If you need help through these steps, consult with a professional.
- Step 10. If nothing else works, consider starting a bankruptcy proceeding.
Ten Steps To Consider In The Event Of A Financial Crunch Or Crisis
Step 10. If nothing else works, consider starting a bankruptcy proceeding.
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The concept of starting over through a bankruptcy proceeding is such a part of our culture that our founding fathers built it into the constitution.
A bankruptcy will stay on your credit record for 7 -- 10 years, depending on the type of bankruptcy you file.
See Bankruptcy to learn about the different types of bankruptcy and whether bankruptcy might be the right choice for you
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