Creating A Healthy Household Budget

Hello, my name is Jerome Silas. Welcome to my website about creating and following a healthy household budget. When I was in college, I tried to create a smart budget to save all the pennies I could after paying my bills. Unfortunately, I jumped in too fast and created a budget that was impossible to follow for the long term. Through the years, I have learned all about the methods that work best while creating and following a budget. I would like to share those methods with you all to help everyone create a healthy household budget. Thanks for your time.

5 Signs That The Time Is Right To File For Bankruptcy

Finance & Money Blog

Filing bankruptcy is a hard decision for most Americans. Although it's a positive step toward financial recovery, it often feels like a step backward. If you're still debating whether or not to pull the trigger on a bankruptcy filing, here are five signs that it's time. 

1. The Crisis is Over. If a single large financial, emotional, or physical crisis created a debt spiral in your life, determine whether or not it's generally over. This often includes a health emergency, a painful divorce, job loss, or natural disaster. Has the crisis passed? Or do you expect to rack up more debt before things get back on a solid track? If the event has passed and you're just dealing with the fallout, it's probably time to put it behind you with bankruptcy.

2. You're Using Retirement Assets. Have you gone through all your assets, savings, and credit options? Many people then turn to raiding their retirement accounts, college funds, or even their kids' funds. This is a sign that you need to use a better option than taking money from your future. Retirement accounts are generally exempt from bankruptcy filings, so you won't lose that money if you pursue filing before it's gone.

3. You Face Eviction or Repossession. You need a roof over your head and transportation to work in order to keep living and getting back on financial track. If you currently face the loss of either one, bankruptcy filing can help stop the bleeding and prevent the continuation of either eviction or repossession. 

4. You're Being Sued or Garnished. Are your creditors suing you for debt collection? Have things progressed to the point of wage or account garnishments? Are they about to reach this point? Once garnishments are issued, you'll be faced with mandatory debt collection that could leave you with little or nothing on which to survive. After this happens is not the time to consider a better alternative, so file before they begin collecting straight from your paycheck.

5. Things Are Deteriorating. No matter what started it, a debt spiral often just gets worse and worse like dominoes falling. For instance, if a health emergency led to both medical bills and job loss or domestic abuse made you flee from home, there may be little chance of getting back on your feet financially-speaking. Assess your future prospects honestly and realistically. If there's little or no opportunity to recover and the trend just continues to go downhill, take action before things get unmanageable. 

Do any of these financial situations match your current circumstances? Then the chances are that it's time to consider filing for bankruptcy. Meet with an experienced bankruptcy counselor in your area to get back on the road to financial and emotional health. 


17 July 2018