Ways And Means To Avoid Bankruptcy
Typically when you state that you are bankrupt it means that you are incapable of repaying your existing debts.
The procedure for bankruptcy begins when either you, as the debtor or the creditor who has lent you money file a petition.
When it is the creditor who files the petition for bankruptcy he is trying to recover at least a portion of the amount he has lent you, and this is known as involuntary bankruptcy, but when it is you who have filed for bankruptcy it is called "voluntary bankruptcy".
Which ever way you look at it would be best to file for bankruptcy as a last resort.
Look for other ways to pay your debtors before opting for filing bankruptcy If you find that you have fallen behind in your repayment because your business is failing, it would do you good to stop and take immediate steps to sell your assets, no matter what they are, or how small they are.
Use the money earned from them to pay off your debts.
There is an old saying "every drop makes the ocean", so what ever little you can repay, do that so at least that much of the debt is off your back.
Another way to try and avoid bankruptcy is to increase you income by some other means.
Try making money out of your hobbies, as you know every penny counts, or even work in part-time jobs that will help you earn money to prevent bankruptcy.
You know you could always try talking to your creditors and explain your situation to them.
Try negotiating with them for a different payment option, but remember when doing so you must have a definite plan of how you will be able to repay them within the said period.
The debtors too would prefer an alternative to filing for bankruptcy as that would be any day more profitable to them.
Getting all your loans consolidated into one payment could be another alternative to filing for bankruptcy.
The best option for availing of a loan consolidation is to search for one online so that you can bag the best deals in terms of interest rates.
However you look at it, at the end of the day filing for bankruptcy has its own repercussions and today the newer bankruptcy laws have made filing for bankruptcy more difficult so looking for various ways to avoid it would be the best option.
The procedure for bankruptcy begins when either you, as the debtor or the creditor who has lent you money file a petition.
When it is the creditor who files the petition for bankruptcy he is trying to recover at least a portion of the amount he has lent you, and this is known as involuntary bankruptcy, but when it is you who have filed for bankruptcy it is called "voluntary bankruptcy".
Which ever way you look at it would be best to file for bankruptcy as a last resort.
Look for other ways to pay your debtors before opting for filing bankruptcy If you find that you have fallen behind in your repayment because your business is failing, it would do you good to stop and take immediate steps to sell your assets, no matter what they are, or how small they are.
Use the money earned from them to pay off your debts.
There is an old saying "every drop makes the ocean", so what ever little you can repay, do that so at least that much of the debt is off your back.
Another way to try and avoid bankruptcy is to increase you income by some other means.
Try making money out of your hobbies, as you know every penny counts, or even work in part-time jobs that will help you earn money to prevent bankruptcy.
You know you could always try talking to your creditors and explain your situation to them.
Try negotiating with them for a different payment option, but remember when doing so you must have a definite plan of how you will be able to repay them within the said period.
The debtors too would prefer an alternative to filing for bankruptcy as that would be any day more profitable to them.
Getting all your loans consolidated into one payment could be another alternative to filing for bankruptcy.
The best option for availing of a loan consolidation is to search for one online so that you can bag the best deals in terms of interest rates.
However you look at it, at the end of the day filing for bankruptcy has its own repercussions and today the newer bankruptcy laws have made filing for bankruptcy more difficult so looking for various ways to avoid it would be the best option.
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