Ideal Ways To Prevent Bankruptcy
Most people think that if you file for bankruptcy, you can easily get your way out of debt, but then again, that is not really the case. People would often file for bankruptcy and start all over again, just to be able to do what they did and they would go bankrupt again. It is a cycle that needs to end, don’t be like them. There are actually consequences that you must face when if you declare bankruptcy in the U.S. such as, having to attend mandatory credit counseling, mandatory financial-management education, and also make ongoing payments to your creditors. Although it would totally help you, you wouldn’t exactly want to put so much effort into it since what you would think of is to pull yourself together to get back up again.
[su_quote cite=”Mokokoma Mokhonoana” class=”cust-pagination”]“Millions of business people are each constantly forced to choose between their desire to not be a bad person and their desire to be a good business person, that is to say, to make as much money as possible can be by maximizing their revenue while minimizing the cost of producing whatever is that they sell.”[/su_quote]
PAY YOUR BILLS ON TIME
The very first thing that you must do in order to avoid being bankrupt is to make sure that you always manage to pay your bills on time. If you have employees, make sure to pay them on time as well, if you cannot pay all of them, then you wouldn’t have a choice but to get rid of them.
Getting a loan is not an option especially if you know that it would only help you for a short period of time. Paying your bills on time will definitely help you out since that will be one less thing to worry about.
SETTLE YOUR DEBT
If you are in debt, make sure to pay for it as well. It is not ideal to get into debt especially if you know that you wouldn’t be able to pay for it. It is also not ideal to get into another debt just to be able to pay for the previous one. No one lives a good life while they’re in debt, so avoid it as much as you can because it might be the one to bring you down.
MINIMIZE EXPENSES AND MAXIMIZE YOUR INCOME
If you know that you are struggling, do not be in denial. Being in denial would only make your situation worse than it already is. The very first thing that you must do is to try to minimize your expenses, do not spend money on things that are unnecessary, and just focus on what is really important. Also, while you’re minimizing your expenses, you must also focus on maximizing your income.
Look for ways on what you can do in order for you to be able to earn more money. For instance, you own a small restaurant, if a business isn’t going well, then look for the possible reasons why. Check if your food is good enough if your service is great if the prices of your food are decent. If everything seems fine, then try thinking of creative ways to advertise it, especially in social media. Have promos or coupons, these things would definitely invite people in.
HAVE AN EMERGENCY FUND
It is always ideal to save money, especially for emergency funds. Not a lot of people think that this is really necessary but once they have experienced some struggles, they will realize that they should’ve saved some money for their emergency funds.
[su_quote cite=”Dalai Lama” class=”cust-pagination”] “Man, because he sacrifices his health in order to make money, then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; he lives as if he is never going to die, and then dies having never really lived.” [/su_quote]
Life can totally be unpredictable sometimes, that is why you must always be ready for what it may bring you, whether it is good or bad. If you cannot really handle it anymore and you really have to file for bankruptcy, don’t fret. It is not the end of the world, you can still pull yourself back up and start all over again, it may not be easy but with a positive mind, nothing is impossible.
More in Bank Stories
How Michael Jackson Turned $47.5 Million into $1.5 Billion Without Any Work
There is no point going into the details of how the music catalog of the band The Beatles ended up in...June 25, 2019
Jeff Bezos Might be a Multi-Billionaire, But He Refuses to Spend Because of This Surprising Reason
When you think about all that you would want to do if you had a billion dollars, we bet your list...June 25, 2019
Star Wars’ JJ Abrams Offered a $500-Million Production Deal by This Tech Giant
Mission: Impossible, Star Wars, Star Trek. What do all of these films have in common besides the fact they are the best...June 24, 2019
Looking for a New Renovation Project? Ikea is Recreating Rooms from Your Favorite TV Shows
IKEA has been the leading provider of strong, durable, and innovative appliances, furniture, and home products over the years. As its popularity grows, the prestigious...June 22, 2019
Sophie Turner Has a Reported $6-Million Net Worth: Here’s How She Rakes in the Moolah
HBO’s hit George R.R. Martin-based series “Game of Thrones” will come to a finality, which means fans will be left reeling....June 22, 2019
Private Jets, Bulletproof Panels and Secret Passages: What It Really Takes to Protect These Tech Billionaires
We’ve all heard that great power brings great responsibility, but sometimes it can also bring a serious threat to your life — especially...June 22, 2019
At 22, You Won’t Believe ‘Game of Thrones’ Star Maisie Williams’ Net Worth
“Game of Thrones” has ended and it may have left a sour taste in some fans’ mouths but we can all...June 22, 2019
Here’s Why Monaco’s Luxurious Prison is Most Likely Better than Your House
We bet if we ask you about imagining a prison, your response would most likely describe a dimly-lit structure with no...June 22, 2019
The Mistakes Charlie Sheen Has Made that Made Him Lose All His Millions
All of us love reading success stories whereby a person starts from nothing and, with consistent hard work and a little...June 22, 2019