In today's uncertain and troubled economy, finding financial peace of mind has become increasingly difficult to achieve. Concerns associated with financial instability can lead to both psychological and physical distress. Although you may find it scary or overwhelming, it's always better to know your whole financial picture than not. Here are some tips to getting started:
1. Obtain a copy of your credit report. There are many websites that offer free credit reports once a year from the three nationwide consumer credit reporting companies, Equifax, Experian and TransUnion. Make sure the company you choose does not have any hidden fees or membership requirements! Once you obtain your report carefully examine it for accuracy. If you find any inaccuracies contact the credit report companies immediately to request a review. Tips on how to properly dispute information in a credit report can be found on the Federal Trade Commission website.
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2. Make a list of current expenditures and compare them to your net income. If your expenditures exceed your income, review your expenditures carefully to determine if there are some expenses you can reduce or eliminate. Examples may include using public transportation instead of driving, preparing meals at home versus eating out, or switching from brand names to generics. Some decisions are harder to make than others, such as trading-in an expensive car for a less expensive model, but you'll be amazed how much you can save when you compare annual car payments and insurance!
3. Make a budget, and stick to it. Keep receipts and record transactions in your checkbook. Set-up an online spreadsheet that you can use to quickly sort your expenditures by category and add up total amounts. Once subtracted from net income, the remaining money should be invested (or saved in a bank) in the event future needs arise.
4. If you've done these three things but find there's no way to work your way out of a terrible and stressful financial situation you still have an option available to you; bankruptcy. You may feel bankruptcy is the least desirable solution to your financial woes, but it can the right decision to help salvage a bad situation.
Before you make a decision about bankruptcy, let's dispel a few common beliefs:
Declaring bankruptcy does not mean "giving up." While there can be disadvantages to declaring bankruptcy it can offer several benefits. Bankruptcy provides relief from the constant contact from creditors (and the resulting stress) and the opportunity for a fresh start to make wiser financial decisions in the future.
You are not alone. According to a recent report, Minnesota bankruptcy claims reached an all-time high in 2010, with over 22,000 claims filed.
Declaring bankruptcy does not mean you will lose your house or your car. In most types of bankruptcy protection these types of assets are exempt.
It is very important to understand that bankruptcy is a legal tool that, when used, can impact your financial life for several years to come. A bankruptcy will remain on your credit report for as long as 10 years. This can cause difficulty for you to secure financing for things you need. In most cases you can only use bankruptcy once every seven years. If you haven't learned from your past mistakes there will be no further relief for you within this time period.
No one starts their career or their family with the intention of going into bankruptcy. If you find yourself in a difficult and stressful financial situation, contact an attorney who specializes in the field of bankruptcy law for a consultation. There are many nuances to declaring bankruptcy and bankruptcy law, and if not done correctly, you may find yourself in greater financial distress.
Choose your bankruptcy lawyer wisely! It is crucial to your financial future that you hire an experienced, certified professional lawyer that specializes in bankruptcy law who can explain the bankruptcy options available and which option is best for your particular situation. An attorney with such expertise is best suited to understand the emotional turmoil and strain you are experiencing and guide you through the process every step of the way.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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