How to Survive Bankruptcy

Bankruptcy is the byproduct of inability to pay creditors and this is not a problem that occurred overnight. It develops from years of overspending, major medical expenses, business that is losing money etc. I know, the road to financial recovery or, surviving the bankruptcy may be long and difficult, but there are ways which can help you to recover from not only the financial problems, but also from all the hassles that are associated with it. If you are one of those is working through the hard financial situation, then here are some financial tips to steer you away from the bankruptcy trouble.

Tips and Guidelines –

Do not bite off more than you can chew –

Business cannot run on emotions. If you are running a business that is not giving you profit, then you should need to make strategy to a start new venture to grow. Make decisions that are in the best interest of the business. Do not make decisions just because that gives you happiness.

Pay off your bills –

It is also suggested that, every time you make purchase to anything with your credit card, plan to earn that amount back again and try to keep that amount in a safe place to pay off your bills every time and timely. This is important to do so, because during the hard financial burden, I do not think you will wish to increase debt hassles more and make situation worse by not paying your credit card bills. 

Downsize – 

To overcome bankruptcy, try to minimize all the expenses. I understand, this is not something that you completely resist, but you can somehow control it! For instance – bring your friends to your home for launch, instead of going out to any restaurant.

Don't live in guilt –

Of course, having yourself in bankruptcy is really hard to manage, but still when you have hope and a commitment to make everything normal as before, you do not need to curse yourself too much. Just take time to reinvent something and plan something new, fresh to move forward to open new opportunities for yourself to accomplish them.

Recover and thrive –

There are many people who have walked through bankruptcy and survived successfully all over again. So it is not what you think is impossible. You can also successfully recover from your debt problems and can plan out things by taking suggestions from your financial adviser to face your current situation.

How can you pay off your bills?

People often ask themselves “what is the best way to pay off their bills?” Well, if you are one of those looking for the answer of the same question, then follow through the reading from below!

Tips and suggestions –

There are basically 2 ways through which an individual can pay off their unpaid bills. 1) The very first method is very straight forward, where all you need to do is have to limit your expenses! Note that, every debt is the byproduct of massive spending habits. If you can manage to handle that habit before hand, then I am sure, you will be able to stop your debt hassles increasing further.

2) The second method will be working harder to supplement your income potentials. If you want, then you can also get involved in different freelance works to produce more income and can earn enough money to pay off your bills to overcome your debt-hassles!

However, everything stated above is not easy as it seems like. If you find difficulties in execution or you want some different alternatives for this, then you can always consult with any professional financial advisor to find suggestions to pay off your unpaid bills to get out of the debt problems.

How to avoid Debt Collection Scams

Getting a call from a debt collector is something most of us dread. But having it from a fake debt collector who is trying to scam you can be even worse. There is an alarming new trend is rising in debt collection scams. If you do not want to fall into this trap you better prepare yourself to know the facts how to avoid them.

What to look for?

As a debtor, it is important for you to know, a debt collector must have an identity and you have the right to ask them their address, which they have to give it to you. If you notice, the debt collector is trying to hide certain information, then probably he is not a real debt collection agent.

 

What to do to protect yourself?

• Never make payments over the phone or give your personal details to the debt collector.

• Always ask them to give you bills or something in writing.

• If their behavior is harsh and irresistible, you can get them out at no cost.

• Call the creditors and ask them about your account and confirm it whether or not you have any due payments before allowing them into your home.

Well, these are the ways through which you can manage to avoid debt collection scams and save yourself from being cheated.

Understand Debt Collection rules

As a debtor you should know the rules of debt collection in order to protect your rights. In this article, you will learn the basic rules for debt collection agencies that are followed by all states. So do have a look!

Debt Collection rules –

• There is a certain time frame at which a debt collector can contact a debtor. Normally the time reckoned in between 8:00 am and 9:00 pm. If you find, any calls are made outside that time frame, you can deny for conversation, as this is a violation of rules.

• Use of foul language or any form of abusive behaviors by australiadebtcollection is  strictly prohibited. They are not allowed to threaten you in any verbal or physical way.

• You do not require to travel to anywhere to respond to a case filed against you with regard to your debt. However, in exceptional cases, when you have an account in one state and you have transferred it to another state afterward, you might require it though.

• According to law, a collection agency cannot contact any third party (a person/ a company) without debtor’s permission.

• A agency is required to provide details as to why he is in contact.

You have the rights to request the proof of the debt you have owned to the collection agency.