Why Bankruptcy Should Always Be an Option if You’re Struggling With Your Finances

December 9, 2020 Leave a Comment

The word bankruptcy is scary to a lot of people. Most people see it as a word that means bad things. It conjures up feelings of being helpless, living on the street, and having no money left to buy food and raise your children. To many people, bankruptcy is the lowest of the low and is something that we should avoid at all costs.

 

Fortunately, that’s really not the case.

 

Bankruptcy is an option to help you get rid of your debts whenever you’re in financial trouble. Perhaps you’ve recently had to spend a lot of your savings on emergency expenses, maybe your medical bills are taking a toll on your finances, or you could have even lost your job and are now struggling to make ends meet.

 

Whatever your circumstances are, bankruptcy shouldn’t be a taboo that you avoid. In fact, it should be a viable option much like any other debt solution. So in this post, we’re going to talk about bankruptcy, explain what it is, and also offer some reasons for why you might want to consider it if you’re in a financial jam.

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Is bankruptcy a common thing?

 

One of the reasons why people think that bankruptcy should be avoided is because they don’t understand how common it really is. Sure, nobody should be aiming for bankruptcy and it should technically be avoided at all costs. However, debt is extremely common and it’s important to look for ways to overcome your financial troubles.

 

If you look at bankruptcy stats, you’ll see that there are hundreds of thousands of people claiming bankruptcy every year. In 2019 alone, there were around 774,940 cases of bankruptcy filings with around 97% of them coming from individuals. It should also come as no surprise to learn that these bankruptcies were filed by people that aren’t in a great financial situation. They often have low income and they’re usually struggling with basic necessities. Nobody wants to be in this situation, hence why bankruptcy can be seen as a ticket out of that lifestyle to help you restore your financial health.

 

Why do people go bankrupt in the first place?

 

So what actually causes people to go bankrupt in the first place?

 

  • Losing income is perhaps one of the most common reasons why people go bankrupt in the first place. If you’re suddenly demoted or lose a source of income, then it’ll negatively affect your financial situation. You might be unable to make mortgage payments on time or you might struggle to pay back existing debts.

 

  • Outstanding medical conditions is another common reason for going bankrupt. If you have to undergo many different medical procedures and also spend money on assistive technologies such as a wheelchair, then it’s going to quickly add up in terms of cost.

 

  • Credit card debts are another common reason for why people go bankrupt. They often don’t realize how high-interest fees are. This can result in a lot of overspending and it’s important to cut down so that you stay within your financial constraints.

 

You’ll find that people panic about their finances once the option of bankruptcy becomes a little more realistic for them. Thankfully, bankruptcy isn’t the only option but does still remain as one of the most effective choices.

 

What are the alternatives to bankruptcy?

 

Here are a few alternatives to bankruptcy that you might want to consider.

  • Finding other ways to pay off your debts. There could be many ways for you to pay off your debts. For instance, you could try and save a little bit more money from your paycheck each month so you can make higher than minimum payments. Alternatively, you could sell off some of your belongings to make a bit of extra money. You might also be able to take up a second job or work more hours to pay off your debts faster. A lot of these options sound obvious, but they’re undoubtedly effective ways to help you pay off your debts sooner.

 

  • Negotiate with lenders. You may be entitled to various debt settlement options to help you effectively erase some of your debt. This option isn’t available to everyone but can be a fantastic way to ease your debts if they’re low enough or if you can show that you’re unable to pay the lender back.

  • Consolidate your debts. Some banks and lenders might offer you the chance of consolidating your debts. This essentially means taking out a large loan to pay off every debt and then only having a single entity to repay it to. This usually results in lower interest rates and can be an effective way to reduce your debts,

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Reasons why you might want to consider filing for bankruptcy

 

So what are some of the most common reasons why you might want to file for bankruptcy?

  • You’re chaining credit cards into each other. If you use one credit card to pay for another, then you’re probably in a really bad spot in terms of money. Make sure you try and avoid chaining credit cards into each other because it’s going to spiral out of control really quickly.

 

  • Your debts are affecting your personal life. Did you know that the effects of debt can also include stress and other similar mental conditions? It’s extremely important that you deal with debt as soon as you can so you can return to a comfortable lifestyle where you’re not stressing out over your debts.

  • Your interest rates are going up. If you’ve taken out a number of loans in the past then there’s a good chance that your interest rates have increased over the years. If this is the case, then you may want to consider filing for bankruptcy soon or using a method to clear your debts so you can avoid paying higher interest rates.


  • You’re already working multiple jobs. It’s easy to say “just earn money” if you want to get rid of your debt. However, if you’re already working multiple jobs and are feeling the stress get to you, then bankruptcy may be the best option.

 

  • Your wages are being garnished. The term wage garnishment refers to your employer taking money from your paycheck in order to satisfy a lender’s conditions. If you owe someone money, they might try to speak with your employer to get them to pay up on your behalf. However, this results in you getting less money with each paycheck.

  • The alternatives haven’t helped. If you’ve tried alternatives to debt management and they don’t work, then we’d suggest considering bankruptcy so you can wipe out the majority of your debts in a single blow.


  • You’re using credit to pay for daily necessities. If you’ve reached a point where you rely on credit to pay for every essentials it’s time to consider debt solutions to ensure you stay healthy and boost your wellbeing. Debt is troubling to deal with, but it should never result in you having trouble with putting food on the table.

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Getting started with a bankruptcy claim

 

So how exactly do you get started with a bankruptcy claim? If you’ve read through this article and done a bit of research on the implications of a bankruptcy claim, then you might want to consider contacting Leinart Law Firm or a similar bankruptcy expert for more advice. They’ll help you analyze your situation so that you can get a better understanding of the options available to you for dealing with your debts.

 

In some cases, you’ll be recommended alternate options to help you deal with your debts. However, if bankruptcy does seem like the only viable option to help you get out of debt, then they’ll likely proceed with the process.

 

Bankruptcy isn’t a pass to drop your financial responsibilities

 

It’s worth mentioning that filing for bankruptcy doesn’t free you from your financial responsibilities. You’re still going to need to save money, you might still need to repay your lenders a smaller amount of money, and you’ll need to develop excellent money management skills to ensure you never fall into debt again.

 

It’s worth remembering that bankruptcy doesn’t actually cover all loans. For instance, it can’t help you with student loans, so you’re still going to need to pay that back yourself.

 

What comes after bankruptcy?

 

So what comes after bankruptcy? Now that you’re free to spend your money and have a large weight off your shoulders, you can start learning to budget your finances so you never end up in debt again. Using preventative measures will help you stay clear of debt in the future. But that’s just the start of your new life with financial freedom. There are many other things to do, such as learning to save money and finding ways to cut down on unnecessary expenses.

 

In other words, look for ways to secure your financial freedom in the future so you never have to think about bankruptcy or debt again.

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3 Things You Need To Do Before Moving Abroad

November 24, 2020 Leave a Comment

Moving to a new country and committing to a new way of life is exciting; however, it’s a decision that shouldn’t be taken lightly. 

Picture Free-Photos from Pixabay – CC0 Licence

 

To avoid complications that could hinder your big move, lots of planning is necessary alongside the below tips.

Visit Frequently

Researching and preparing for your move to the other side of the pond is one thing. But to get a real feel for the place you’re moving to, you’ll need to visit, ideally more than once.

 

During your visits, you can take time to work out whether a life abroad is practical for you and your family. And whether you’re happy to fit in with the people, culture and learn the local language. 

 

It will also give you the chance to look for suitable places to live.

 

Scout out the local neighborhoods you’re interested in. And be mindful of whether they have the conveniences you need. Such as good schools and healthcare.

Plan Transport

Before booking your plane tickets away, you’ll need to take a good look at what you would like to bring with you. 

 

Suppose you’re planning on transporting four suitcases of clothes and linen, kitchenware, ornaments, and so forth. You may not be able to take all of these items through airport check-in. A removals business is a popular option for people who need to move a lot of things abroad. 

 

When thinking about transport, don’t forget to consider your pets too. Companies such as Pet Transport Pro specialize in providing services to relocate your pet. 

 

They can also give you vital information on what you’ll need for your pet too. Such as paperwork to prove the pet is in good health or a pet passport.

Figure Out Your Finances

Before venturing abroad and starting a new life, it’s crucial to check the cost of living in the area you plan to stay. 

 

The value of the currency and the part of the country you are moving to will alter living costs.

 

To give you a better understanding of living costs, research available real estate to buy or lease in the area. Along with expected expenses for utility bills, groceries, and clothing.

 

If you find the area is much more affordable than where you are at the moment, great. However, keep in mind that the region’s wages are likely to be relative to living costs. 

 

If you work remotely or own an online business, then income may not be a problem for you.

 

It’s common for some people traveling and moving their lives abroad to underestimate the amount of planning and research needed to prevent the move from turning into a disaster.

From figuring out the finances and whether the cost of living is affordable. Applying for the right documentation to make sure you can legally take your pet abroad. And surveying the area you’re planning to live in, in person. There are a lot of things to organize. Therefore, it helps to leave enough time to get every part of the relocation sorted.

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4 Mental Blocks That Stop You From Buying Your Dream Home

August 19, 2020 Leave a Comment

4 Mental Blocks That Stop You From Buying Your Dream Home

What stands between you and your dream home?

 

Most people would answer: Money. However, as surprising as it might sound, it isn’t the right answer. A lot of people continue to rent out properties because they let mental blocks stand in between them and home ownership. Becoming a homeowner is a commitment in time and finances. Yet, it is far from being an impossible dream. Your perception of difficulties, obstacles, and your abilities to defeat those plays a significant role in making your dream come true. Nevertheless, mental blocks are nothing but bad excuses that we use to convince ourselves we can’t buy a home. It’s time for your wake up call! 

Pexels – CC0 License 

 

Building a new home is easier than you think

Prospective homeowners are always on the look for affordable properties that meet their criteria. Many believe that the purchase of an old house could be a cost-effective solution in an effort to save money. However, if you consider the maintenance, improvement, and repair costs, the price tag could be a lot different from what’s advertised. On the other hand, house and land packages in Hunter or other locations offer a sustainable approach into designing the home you want from scratch. Additionally, building it right from the start will always be cheaper than trying to fix the old and make it fit your needs. 

 

Debt happens, but it’s not a fatality

Managing your finances in a tricky situation, such as during a pandemic, is challenging. Millions of individuals face high credit card debts, as they’ve been furloughed or laid off for months. Clearing debt takes time, but with specialist advisors, you can create a sustainable strategy to manage and eliminate your debt. Money lenders check your credit score when you apply for a mortgage. While eliminating debt is a long-term process, an effective debt management plan can work in your favor. 

 

We belong to a rooted generation

People don’t relocate as often as they used to. In the US, one of the countries in the world that used to have the highest relocation rate, the new generation of homeowners stay rooted in their communities. It’s a global trend. Why don’t we move? Because we don’t need to anymore. With more and more digital technologies around, professionals can work from anywhere. As a result, many believe they should stay close to their roots. In truth, digital technology can also be a part of your relocation plan, as it bridges the gap with your community. Yes, you can move to the seaside or embrace your dreams of a countryside home without losing touch with your roots! 

 

It needs the parental seal of approval

Here’s the thing: it doesn’t. It’s your home and the place where you are free to express your style. In no way does it need to be an extension of your parents’ or friends’ interior decors. Creating a home that you are proud of means you shouldn’t have to worry about what other people say or think about it. The secret to a home sweet home that everybody will love begins when you feel it is a true representation of who you are. 

 

As a prospective homeowner, you need to start your journey with a clear mind. There will be obstacles and challenges to overcome, such as saving the money for your deposit. However, you can’t afford to let your mental blocks stand in your way! 

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Simple Living Reduces Stress

August 4, 2020 Leave a Comment

Simple living reduces stress. It has been proven. When you have less and want less, you stress about less. First, you have to understand what simple living really is. No – you do not have to live in a run down home to be “simple.” That is far from true! What I mean by simple living is a lifestyle that minimizes consumption and maximizes those things that bring you the most peace and joy. Here are a few ways that simple living can benefit you: 

  • More freedom to create the life you desire, instead of feeling stuck in a job or a life just because you have no other choice.
  • Allows you to appreciate what you do have instead of constantly craving what you don’t have.
  • Provides you with a better work/life balance because you let go of pushing yourself to work longer and longer hours to maintain an over-consumptive lifestyle.  In other words, Work SMARTer not harder!
  • Help you clarify what is most important, meaningful and what really matters to you, and let go of the rest.
  • Allows you to seek quality not quantity in all things.
  • Helps you de-clutter and let go of everything in your life that is messy, busy, over-complicated and unnecessary.
  • Introduces you to the importance of all your true relationships—including a deeper connection to your community.
  • Frees up your time to do the things you love and that makes you happy.
  • Provides you with a deeper connection to nature by giving you the time to take walks, garden and appreciate being outdoors.  In other words, spend time in nature.
  • Slows you down and allows you to enjoy the moments of your day.
  • Leads you to become more self reliant and internally focused instead comparing yourself to others or using others to determine your worth.
  • Guides you to making better health choices for yourself and your family.
  • Provides freedom from maintaining or fussing about your possessions and instead spend that time doing things that make you smile.
  • Offers you better and sounder sleep and times of rest.
  • Gives you ease and agility when making life choices, decisions, exploring opportunities.
  • Allows you to spend the rest of your life on a greener and healthier planet along with others (including your kids).

Reading all of that, I hope that you can see how and why simple living can reduce stress and instead, bring more happiness into your life. And, I hope that it makes you want to start your simple living journey. Here are a few ways to live simply, in order to increase happiness and reduce stress:

Manage Your Finances

If you are in debt, I bet your stress levels are through the roof. It is hard paying all of your monthly bills and then paying bucket loads towards high-interest credit card debt. If you have a business of your own, I bet that it’s even more stressful – especially during this time. If this sounds familiar, you probably need to get your finances in order. One way to do so (especially as a business) is to get rid of high-interest credit card debt and replace it with low-interest loans so that you are able to pay them off faster. One way to do this as a business is to get an Atlanta small business loan from Chapes-JPL. Chapes-JPL is a company based out of Atlanta, Georgia, in the heart of Buckhead that provides low-interest asset loans on your valuables. In addition, they also buy valuables from their customers. This is a fast and easy way to get cash when you need it. If you have old jewelry around your home, sell it or get an asset loan in order to pay off your high-interest debt. Chapes-JPL was established in 1980 as an alternative to banks and traditional pawnbrokers. They provide low interest loans on gold, diamonds, jewelry, watches, and more. Since the loan is strictly on collateral, they do not require credit checks, tax returns, job verification, or personal references. Plus, the typical loan is done in minutes!

Reduce Processed Foods

Reducing processed foods is a fantastic way to live simple, reduce your stress, and also improve your health. When you reduce processed foods, you are getting rid of added sugar, high fructose corn syrup, and other unhealthy additions. As they say in Italy, slow eating is simple eating is healthy eating. Slow, unprocessed, and “good-for-you” foods are the foods that connect you with the people around you (at the dinner table), the land, and the animals.

Say No More Often

When you do not want to do something, say no. If it is going to cause you a lot of stress, say no. When it will not bring you happiness, say no. If you say no more often, you will be able to say “yes” to the things that bring you joy instead. Say “no” more often in order to reduce stress!

There are so many things you can do to live a simple lifestyle and reduce stress, but these are just a few of them. What is your favorite way to live simply? I’d love to know!

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5 Signs You’re Ready to Start a Family

February 13, 2020 Leave a Comment

Photo by Kristina Paukshtite from Pexels

 

As you grow older, you’ll start to get asked by various family members and friends ‘when will you settle down and have kids’? The question that everyone dreads no matter if you’re male or female, it’s something that you might not know just yet. It takes a while to feel ready to have a family – and it’s a stage that’s different in everyone’s life.

 

One person might want to start a family the moment that they get married or are in a relationship, whereas others want to either wait a few years or do it solo. This decision is up to you. Don’t ever feel pressured into having a family if you aren’t ready. Even if every other person that you know in their twenties or thirties is having babies, it doesn’t mean that it’s the right move for you.

 

If you’re thinking that it might be the next step to take, however, it can be a very exciting time. There tends to be several signs that you’re ready – and here are five of them:

You Have a Strong Support System 

 

Having a baby is a huge responsibility – and one that you will need a hand with every once in a while. From watching your little one so you can sleep to looking after them for a while so you can get out and visit friends, you want a strong support system that’s there to help you when you need it.

 

Whether it be your partner or your family and friends, a strong support system is crucial. Without it, you could feel as though you’re alone in the journey and you’re exhausted with what motherhood or fatherhood has brought with it. So before you have a baby, ensure that you have this.

Your Life is Stable 

 

Before bringing a baby into this world, make sure that your life is stable. From having a home to a good job, you want to have the best environment possible to bring a little one into. You want your baby to thrive, so you must be in the best position possible in order for this to happen.

You Have the Responsibility

 

If you’re an incredibly responsible and caring person, then when you feel as though you are physically and emotionally ready, it could be time to have a baby. As you can care for yourself, you’ll be able to look after your newborn with ease. 

You Have the Finances 

 

As aforementioned, you need to be stable in your life before you decide to have a baby. This includes your financial situation. It’s no secret that babies cost a lot, from all of the things that you have to buy before you give birth to bringing them up over the years. 

 

If you’re unable to naturally have a baby, you’ll also have to think about the other ways that you can have a little one – along with the prices. For example, if you’re looking to have a baby through means of an egg donation or an adoption, look at the prices and how much you’ll have to save. 

You’re Ready For The Change 

 

This might seem obvious, but it’s perhaps the most important point on this list. You need to be in a position in your life in which you feel ready for a baby. As mentioned above, this can happen at any time throughout your life and is something that’s different for everyone. 

 

If you’ve started to have the initial feelings, think it through, plan it out and talk to your partner. If you’re both ready, then you can start to truly consider it.

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