Bankruptcy is a lawfully declaration of an individual or organization for inability to pay their creditors. Filing a bankruptcy is a serious decision that needed to study carefully. It may happen if after more than five years and still you cannot pay your unsecured debts.

Here are some suggestion tips to avoid total bankruptcy:

1. Limit and cut your expenses. Do not spend to unnecessary things. Try to look to different stores where you can buy same items that you need with lower price
2. Be wise in expending particularly in using your credit cards. Maintain and limit the number of credit cards you owned.
3. Try to pay your bills in accordance with the most priority.
4. Monitor your cash flow recording
5. Hire a good attorney that can help you study your financial statement.
6. Consult to the reputable credit counseling. Many credit counselors can help you to come up with the best move to do, but investigate the background of the firm or individual first before consulting.
7. Consolidate all your necessary reports for reference. Regularly monitor them and see in what point you made a major failure. Dealing with bankruptcy will help you to explore, grow and to make ways for reinventing yourselves.
8. Manage your finances wisely

The important thing is to move forward. Do not take things personally. Think motivational ways on how to reinvent yourselves. Attend trainings and have a positive and fresh outlook, there are many opportunities ahead of you. You just need to make a note with your mistakes and learn from it.

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