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A Leadership Map for the Future
A Leadership Map for the Future © 2003 Patsi Krakoff, Psy. D., CBC Customized Newsletter Services Jan/Feb 2004 Article www.customizednewsletterservices.com Predictions for the future can be stimulating and challenging, especially if one is a top...
Achieving Competitive Advantage through Collaboration with Key Customers and Suppliers
An Evolving Operational Focus
In the past when companies pondered corporate strategy,
operations had been peripheral to the discussion. Operations
were considered a technical matter with one way of doing things
and therefore not,...
Debt Management - How a Debt Consolidator Can Reduce Your Debt
A Debt consolidation program starts with evaluating your financial situation. This process involves an in depth analysis of your financial standing. That analysis will help you to evaluate whether it is better to file for bankruptcy or go for a debt...
How To Improve Your Credit Score - Even If You Are Not A Financial Expert!
If you have less than perfect credit, and you've ever tried getting a loan or credit card, then you know just how much poor credit can cost you.
So, the next step to getting yourself completely out of debt is learning how to clean up your credit...
International Expansion Starts With The Right Mindset
The prospect of taking your company into new international markets is exciting, and there are many clear benefits as to why you should consider expanding now more than ever before, such as access to greater revenue opportunities, recognition as a...
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Bankruptcy - the Last Resort
Definition
Bankruptcy is a legally declared inability or impairment of
ability of an individual or organization to pay their creditors.
A declared state of bankruptcy can be requested by creditors in
an effort to recoup a portion of what they are owed; however, in
the overwhelming majority of cases, the bankruptcy is initiated
by the bankrupt individual or organization.
Filing for bankruptcy is an extreme move, not a quick fix. It's
a long, painful process with a huge stigma, and you're unlikely
to be able to get any kind of credit for ten years afterwards.
Yet bankruptcies are on the rise. Out of ignorance or stupidity,
more and more people seem to be using bankruptcy as a first
option, instead of a last resort. Before you do it, make sure
you've considered every alternative.
Have You Reorganised Your Debt?
If you haven't tried debt consolidation or negotiation, you
really should. Yes, you'll have to pay back your debts
eventually, but surely that's better than bankruptcy, isn't it?
Debt consolidation loans enable you to combine all of your
monthly debt repayments into once easy to afford repayment.
Depending on the loan term that you choose, you can even reduce
your monthly repayments to give yourself extra spending money.
Sell Everything You Can
It's better to sell everything you own than it is to go into
bankruptcy. Move to a smaller house. Sell your cars and take the
bus. Take a good, hard look at your life, and realise that there
are very few true 'basics': you can do without almost
everything. Your house is probably full of quite valuable things
that you never use, so bite the bullet and get rid of them. In
short, subtract your debt payments from your income, and live
like someone who earns that much.
You are going to lose almost everything you own if you declare
bankruptcy, so you might
as well try to sell it yourself at a
better price and avoid the bankruptcy issue altogether.
Work More
If you can get extra hours, do it. Being bankrupt is such an
indignity that you should at least try going to your boss and
asking for a pay rise or promotion. After all, the worst they
can do is say no. They're going to find out about it anyway if
you declare bankruptcy, and they might wonder why you didn't
come and ask for their help. Also, if you're married and only
one of you works, try to get the other a job - you never know,
it might even be fun!
Use the Power of Threats
One of the best things to do when you're considering bankruptcy
is to write a letter to absolutely everyone you owe money to,
letting them know. Make it a very clear threat: "if I cannot
find a way of paying my debts then I will be forced to file for
bankruptcy". Most creditors would rather let you pay back a tiny
fraction of what you owe than have to try to get money out of a
bankrupt.
Know Your Local Laws
Bankruptcy laws vary enormously depending on where you are.
There are some places where you'll be forced to give up
everything you own to pay your creditors, some places where you
at least get to keep your house, and some where you can declare
yourself bankrupt and not even notice! Try to get a lawyer - you
might think that you can't afford one, but many will work 'pro
bono' (for free) for people who really need a lawyer but can't
pay.
About the author:
Original Source: Articles
Galore.com
Information supplied and written by Lee Asher of CyberTech SoftShop
Suppliers of the DeadEasy
Ebook Maker and Publishing Wizard.
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| :: Negotiations Affairs Department :: |
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