Avoiding Bankruptcy
After studying up on the new bankruptcy law you might be tempted to
avoid the whole hassle by trying to pay off some of your debts. That's
not a bad idea but be sure you make the right moves.
If you're to pay off your debts yourself, you need to do what few debtors do - make a detailed plan. Make up a budget complete with all your income and debts. Make a payment plan and stick to it.
But there's a big fat fly in the ointment here. If you fall behind on even one debt and that creditor decides to sue you in a way that seeks a full lump-sum payment, your whole payment plan goes down the toilet.
If
you truly want to avoid bankruptcy by making your payment plan work, you'll have to have
the income and discipline to keep everything current or the whole thing may go up in
smoke.
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