{"id":15572,"date":"2010-06-26T09:28:19","date_gmt":"2010-06-26T13:28:19","guid":{"rendered":"\/\/www.askmrcreditcard.com\/news\/?p=15572"},"modified":"2010-06-26T09:28:19","modified_gmt":"2010-06-26T13:28:19","slug":"bankruptcy-dont-let-that-happen-to-you","status":"publish","type":"post","link":"https:\/\/www.askmrcreditcard.com\/news\/bankruptcy-dont-let-that-happen-to-you\/","title":{"rendered":"Bankruptcy – Don't Let That Happen To You"},"content":{"rendered":"

Today’s weekend post comes from Financially Poor<\/a>, who used to be a bankruptcy counselor. One of his most interesting post on his blog is the one question that will change your spending habits<\/a>.<\/i><\/p>\n

Bankruptcy isn\u2019t an easy thing to go through emotionally. Having a crap load of debt isn\u2019t easy either.\u00a0Both of those choices aren\u2019t good\u00a0for anyone.<\/p>\n

Being a bankruptcy counselor I hear a lot of different stories of how people\u00a0got to the point of\u00a0filing for bankruptcy.\u00a0Sometimes it\u2019s filled with sad stories about how they were diagnosed with cancer or lost a spouse. Those are very traumatic experiences that\u00a0can cause you to get into bad situations or\u00a0make bad decisions.<\/p>\n

\u00a0I also hear stories about people who just got out of control with money and had bad money management. Here are a few common threads that I\u2019ve noticed in the majority of people that are filing bankruptcy.<\/p>\n

Not expecting the unexpected<\/b><\/p>\n

Things happen in life that you can\u2019t always plan for. But that\u2019s no excuse for taking life for granted and not expecting the possible. It\u2019s very possible, especially in this day\u00a0and age, to lose your job, or even get hurt or sick. I\u2019m not saying it\u2019s going to happen but you should have a plan in place in case you lose\u00a0income in your household.<\/p>\n

Here\u2019s what you should have in place:<\/p>\n

  • A\u00a0plan of which expenses you can cut back<\/li>\n
  • emergency fund with at least 6 months of expenses covered<\/li>\n

    Having just those\u00a0two things can help you live a long time without any income.<\/p>\n

    Overextending<\/b><\/p>\n

    Credit is a tool used to things that are out of our\u00a0immediate\u00a0reach. Used reasonably it can be very helpful in acquiring things that can better\u00a0our life. But if it\u2019s used irresponsibly and more credit is extended to you\u00a0than you can afford if something happens in your life, then you\u2019ll be in trouble.<\/p>\n

    Make sure you:<\/p>\n

  • Don\u2019t use extra income (ex. commission, bonuses, etc.) in your budget for\u00a0large purchases<\/li>\n
  • Have a budget to make sure you can afford the extra credit payments<\/li>\n

    Control<\/b><\/p>\n

    This goes with the overextending, but it also needs its own mentioning. Learn to control yourself. You don\u2019t always need the newest and best thing. Think about how kids love shiny things. That\u2019s pretty much what it\u2019s like when you have to have the newest and the best. Learn to live modestly and you will have more than you\u2019ve ever wanted.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Today’s weekend post comes from Financially Poor, who used to be a bankruptcy counselor. One of his most interesting post on his blog is the one question that will change your spending habits. Bankruptcy isn\u2019t an easy thing to go through emotionally. Having a crap load of debt isn\u2019t easy either.\u00a0Both of those choices aren\u2019t […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"yoast_head":"\nBankruptcy - Don't Let That Happen To You<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.askmrcreditcard.com\/news\/bankruptcy-dont-let-that-happen-to-you\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bankruptcy - Don't Let That Happen To You\" \/>\n<meta property=\"og:description\" content=\"Today’s weekend post comes from Financially Poor, who used to be a bankruptcy counselor. 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