Bankruptcy Help

Bankruptcy can be avoided through good money management. Debt Fix recommends the following key points in order to help avoid bankruptcy:

    • Avoid impulse spending
    • Don't use a credit card unless you have the cash to pay it off
    • Tear up credit card offers you receive in the mail
    • Stick to a realistic budget
    • Make sure you're adequately covered by insurance
    • Avoid speculative or high-risk investments
    • Don't incur joint debt with others who have questionable financial habits.

In addition these key points if you find yourself behind on your bills, call your creditors before you get in too deep. Most creditors will work with you if circumstances have made it temporarily difficult for you to meet your financial obligations (job loss, divorce, illness, etc.) Your creditors may suggest a temporary reduction in your payment, a waiver of late fees or penalties, skipping several payments now and increasing future payments to make up for it, or skipping several payments and adding them to the end of the loan. 

Declaring Bankruptcy

Bankruptcy should be considered only as a last resort. Once you declare bankruptcy your job prospects, earning capacity, ability to travel, borrow money, rent a house, buy a phone and have any financial independence may be affected. Becoming a bankrupt is a turning point in your life, and whilst it's true that you may be able to walk away from your debts, it's important to realise all the consequences before such a decision is made. What a lot of people don't realise is that there a number of alternatives to bankruptcy that offer relief and protection from creditors. Such alternatives include formal arrangements which 'freeze' the debts and the creditor's ability to collect on the debts. Debt Fix recommends that you consider all your options before you make such a huge decision.

Need Help with your Bankruptcy?

Debt Fix can help you set a budget. Debt Fix can assess your situation and suggest real financial solutions to real financial problems. We can review where your hard earned money is going and suggest ways to improve your situation. Debt Fix understands debtors and creditors needs, and can help bridge the gap through providing a practical, real approach.To learn more about Debt Fix, contact us now! Key Thought: Bankruptcy is a huge decision that should not be considered lightly. Before you consider bankruptcy, you should find out about the alternatives and then make an informed decision. Bankruptcy is not an easy way out - it's a life changing condition that should be considered carefully.