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 9. If you need help through these steps, consult with a professional.
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The following professionals can advise whether there are steps you can take that will help preserve some of your assets -- something that may get more difficult to do the lnger you wait.
- Financial planner. Be carewful when hiring a financial planner. Just about anyone can call him or herself a financial planner. Look for someone with the knowledge and experience you need. For information, see:
- Credit counseling service
- Credit counseling services can be free.
- When choosing a credit counseling service, watch for credit counseling scams.
- For information, see: Credit Counseling Services 101
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