Thursday, February 26, 2009

How to Avoid Bankruptcy



By: Jeffrey Kam


If a company ran out of cash, could they file bankruptcy and start again? Bankruptcy is the last solution that a company will consider to be an outcome. Bankruptcy is considered an extreme move and taken as a final move after all alternate option is used. Even as an individual, bankruptcy will affect one's credit score history up to 10 years or receiving a higher interest rate when applying for new loans. Below are some tips that will help your avoid bankruptcy to happen.


  1. Increase your work period - By doing this your will be able to earn extra cash to pay off a portion of your current debt.
  2. Sell your assets - Selling your personal assets will enable you to gain some cash. Assets such as houses, cars, and inventory can be downgraded or easily replace.
  3. Re-evaluating your current financial debt - Debt cannot be written off unless paying it off, re-evaluate your current finance situation and pay off the debt bit by bit is better that filing bankruptcy.
  4. Change your financail habits - eliminate all unnecessary monthly expenses. Stop overspending.
  5. Search for alternative - talk with creditors to see if your can change the payment plan.
  6. Save all the time.

http://www.cbsnews.com/stories/2008/11/11/eveningnews/main4594081.html

http://www/debtsteps.com/how-to-avoid-bankruptcy.html
http://daveramsey.com/the_truth_about/bankruptcy_3018.html.cfm

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