9 Tips to Avoid Filing for Bankruptcy

By | 02.04.2017

Bankruptcy is a tough time to take. So tighten your belt, learn how to get out of debt without ruining your credit. Here are some tips to achieve your goal without ruining credit score.

Whether it is because you broke your business or business, a bad investment, a scam, you lost your job, an accident, illness or any other unforeseen, no one is exempt from financial bankruptcy at some point in their life, it is terrible, true, but It is not the end. 

9 Tips to Avoid Filing for Bankruptcy

Here are some tips for you to get out of this slump.

1. Reduce expenses

Make your personal budget, check your overhead costs, prioritize and reduce to what is absolutely necessary.

2. Eliminate your ant spending

When you are in a critical economic situation every cent counts, the ant spending is the one you are doing little by little almost without noticing it. The average per capita in the USA is 53,750 dollars, the United Kingdom 38,160 dollars and China 11,850 dollars per year. So leave the candy, expensive coffee, soda, etc. Your health and your pocket will thank you.

3. Prioritize debts

You should not stop paying your debts, but you can temporarily suspend the payment of some in what happens the storm, in a notebook points all your debts from the most expensive to the cheapest, the primary ones that are not so much. Prioritize and focus. Remember that in PROTEGE AC we can get discounts of up to 70% on your bank debts.

4. Networking

You never know which contact can be vital to help you get out of the crisis, which can give you work or recommend you, who can be your partner or investor for your new project, so it is always good to maintain good relations with everyone. It may be months or years before a friend can be the key, but it happens.

5. Social Networking

In connection with the previous point take care of what you publish in your social networks, nobody wants a bad guy, poorly spoken and with bad spelling for your company or to lend you money.

6. Create another source of income

Believe it or not, a financial crisis can be a blessing. When you are experiencing an economic urgency, take advantage to generate a second source of income. Maybe it’s time to start a new business.

7. Get Away From Toxic People

Look around you, the enemy is likely to be right next to you. Some people can take you and keep you in bankruptcy, identify them and stay away from them.

8. Hard work is good, the smart is better

Reinvented, reeducate, learn, update. Make a plan of action and not just blindfolds.

9. Do not give up!

Let’s face it, there are no guarantees, but if you try harder and exhaust all the opportunities and contacts, you will have better chances. Breathe, do not lower your gloves, get off the canvas and keep fighting!

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