TRURO, Nova Scotia, Oct. 31, 2013 /PRNewswire-iReach/ -- Bankruptcy often feels like a fresh start or an opportunity to have a clean slate, but it is not an easy or recommended solution in most cases. Most commonly recommended as a last resort, filing for bankruptcy has the ability to destroy a person's credit and, in some cases, cause a person to lose all of his or her assets and possessions. EasyCarMoney.com is dedicated to helping Truro drivers avoid bakruptcy and seek other options that are far less harmful to their financial standing.
The first method is to compute all debts. Once a person has established his or her debts, he or she is able to paint a solid picture of the total. Drivers are encouraged to gather bills, bank statements and any other documents that may impact their finances. They must total all debts and assets, including a mortgage as debt and the value of property as an asset, and then assess which debts are positive and negative (i.e. college loans are positive and credit card bills are negative).
Next, drivers should reduce expenses wherever possible. They must first total all monthly expenses and indicate which are necessities and which are not. Add up the minimum payments and cost of monthly necessities, which is the minimum amount needed to pay bills each month. If a person has difficulty paying bills or reducing debts he or she must find a way to reduce expenses, even if by temporarily switching from name brands to generic labels.
Then, it is recommended that drivers find a way to consolidate debt. Several small debts can be difficult to manage, but consolidating them will reduce monthly bills and the amount of payments. Whenever possible drivers should pay more than the monthly minimum to get out of debt more quickly. This may be a great time to consult a credit counselor for additional help or recommendations.
In some cases a debt settlement may also be a helpful way of avoiding bankruptcy, but ultimately each person must make the best decision for his or her lifestyle. For more information on how to avoid bankruptcy, contact EasyCarMoney.com in Truro, Nova Scotia today.
Media Contact: Christian Thompson, EasyCarMoney.com, (902) 895-9000, firstname.lastname@example.org
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