Declaring Bankruptcy And More Great Money Advice In Ten Words Or Less

October 13, 2011 by  Filed under: Bankruptcy 

If you’ve been trying to tackle your debt in an effort to avoid declaring bankruptcy, you may be tempted to seek out long and complicated advice to help you in your quest. After all, if you need to get rid of mountains of debt, then surely the financial advice should reflect this long and complicated process, right?

Actually, the best financial advice around can be summed up in ten words or less. Get ready to simplify your money woes by following these nuggets of wisdom:

· “Put aside money whenever you get paid.” It can be all too easy to believe that it takes big chunks of money to tackle your debt, not to mention winning a few lotteries here and there. However, even the smallest extra contribution towards your credit card debt or your mortgage will take you one step closer towards the financial freedom that you’ve been dreaming about. Small but determined steps will always get you to the finish line, while waiting for that lottery win will hardly get you to where you need to go.

· “Know the difference between your needs and wants.” Food for your family? That’s a need. Grabbing that expensive latte twice a day? That is most certainly an expensive want. It’s easy to blur the line between needs and wants, especially when you’re accustomed to a luxurious lifestyle. However, getting control of your finances means determining the difference between needs (food, shelter, utilities, retirement, etc.) and wants (that expensive mp3 player, designer purses, etc.).

· “Buy quality.” Sure, being smart with your money is all about finding cheaper purchases when you can; however, if you can comfortably buy a high-quality item, then by all means do so. Why is this, you might ask? Simple: high-quality items are typically backed by a company who will fix the item when it breaks down or ceases to work. This will save you loads of money on maintenance in the long run.

· “Save today what you want tomorrow.” Your credit cards make it easy to go out and purchase whatever it is that you want; yet if you want that big-ticket item, save up for it instead of putting it on your plastic. You’ll feel better whenever you look at that new HDTV knowing that it’s completely paid off instead of accruing interest on your credit card.

· “Declare bankruptcy.” Okay, this might seem like counterintuitive advice, especially if you’re struggling to avoid bankruptcy in the first place. But plenty of people make the mistake of continuing to fight an uphill battle with their debt in the misguided belief that it’s better for their credit. Listen – if you’re in so much debt that you need to declare bankruptcy, just do it. Your credit score is already at an all-time low, so declaring bankruptcy won’t cause much additional damage and will allow you to start to rebuild it right away. 

If you’re ready to regain control of your finances, don’t wait – choose the best option for your situation.

Reed Allmand, sponsoring attorney for, is constantly looking for ways to provide the best financial information for his clients. Whether you are considering filing for bankruptcy, or are currently going through a Chapter 7 or Chapter 13, visit for up to date news and information you need to know.

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