The Fear of Bankruptcy - The 3 Steps


So what do you do, and how do you cope with such stress. To begin with there are a couple of reason a person or business contemplates such a big step. One can be to stop the hassling of creditors and the other is a financial strategy. The truth being both can be perceived as the same.

The following are three steps to consider

1. This is the most important step of all! Change the way you are thinking about your situation. Your in it, get over it, and move on. You can't keep harping on the circumstances that led up to where you are. Start planing a head. You are going to be starting over financially with one exception, now you have experience. Learn by it.

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2. Creditors-This can be a hard one to handle and I'm sure a lot of people will not agree with me on this. Think about this. In most instances, creditors are playing the numbers. It's all about there investments. It is big business for companies like credit cards, auto's even mortgages to find just the right customer. If you think there favorite customer is the one's with the 800 credit score you would be wrong. There is not much money to be made there. They are looking for people that pay there bill's and they are looking for the ones that are late from time to time. There is a complex (at least to us) system that has been used by these institutions to capitalize on people that are just getting by or in financial troubles. They are not victims and never will be. So if you are at the point, you have to say sorry but move on.

3. The Bankruptcy- There are really two types of bankruptcy that most people and small business will deal with. One is a partial payback. The other is completely have the slate cleaned. The type of bankruptcy for you will mainly be determined by your income and accounts receivable. The legal chapter best suited for you, need to be recommended by an attorney.


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