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Bankruptcy Prevention TipsNo one wants to file for bankruptcy.  In spite of this, when a person is in debt it can seem quite overpowering and filing for bankruptcy can seem like the only option available.  Some things that an individual can do to make sure they never have to go through the tedious bankruptcy process in the first place, are, avoid debt, start a savings account, create a sound financial plan, and consolidate debt.

Avoiding Debt – This may seem like a given, however, to most this is a common problem.  The key to avoiding debt is to avoid getting any new loans, and if a loan is the only solution, try to get an unsecured loan rather than a secured loan.

Start Saving – When experiencing financial hardship, try to purchase must have items, instead of wanted items, allowing any opportunity to save money to be taken advantage of.  Furthermore, make a point to save a certain amount of money every month, using that money to reduce any accumulated debts.

Create a sound Financial Plan – A financial plan should include monthly expenses and earnings, and any measures taken to reduce debts.  It can also be useful in negotiating with creditors, as it gives them a clear picture of a person’s financial situation and any efforts made to pay off debts.

Consolidate Debts – Consolidating debs can eliminate the hassle of dealing with multiple creditors, by allowing only one payment every month with a lower interest rate.

Even with the best of credit on your side, the importance of a Fort Lauderdale Bankruptcy Attorney will remain clear.  It is vital to ensure that the bankruptcy process runs as smoothly as possible.  Similarly, Foreclosure Defense Fort Lauderdale is vital to ensure your financial and legal rights are defended.