Bankruptcy Prevention Tips

  • Keep yourself healthy.
  • Never co-sign or take out a loan for someone else.
  • Spend twenty percent less than you earn, save and invest that twenty percent.
  • Find a certified financial advisor.
  • Build enough cash to cover your living expenses for 6 months to a year.
  • Pay off the balance each month on your credit cards.
  • Charge less each month than you make in payments.
  • Use cash for items, such as groceries, gas, and insurance.
  • Set up a plan to reduce your total credit balance.
  • Limit the number of credit cards you have.
  • Do not take out new loans to pay existing debt.
  • Know the total amount you owe.
  • Make timely bill payments.
  • When buying real estate make a 20% down payment.