Thursday, September 25, 2008

How can I avoid bankruptcy ?

If you want to live life off integrity and keep your peace of mind, no matter how dire your circumstances are-you can make it.

No company wants to drag you through court proceedings. You made your choice to buy on credit and maybe things are tough: you lost your job or your spouse did, the economy tanked and your savings with it but you can prevail.

Years ago I worked for a company that was going through hard times and they could not make all of the payments for stock they had ordered. Here is what they did:

1. They called and also wrote every creditor and told them they had every intention of paying what they owed and wanted to develop a payment plan.

2. The determined an amount they could send and sent this out regularly- at least once a month.

3. They maintained monthly phone contact with them.

The results where that the companies worked with them and they where able to stay in business and later start ordering from these companies again.

There are ways to restructure your debt also but this should be done as a last resort as it usually extends the time to pay off your debt.

Again, don't incur any additional debt in this process.

Believe me, companies will welcome your honesty and will work with you !

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