Making Business-Like Decisions, Filing for Chicago Bankruptcy May Be Best Way to Fix Finances
When businesses suffer economic setbacks, they take action: cutting costs, laying off workers, and, often times, filing for bankruptcy.
When consumers suffer economic setbacks, we tend to wait around and hope for the best. You can probably guess whose strategy is more effective.
By becoming more business-like in our approach to decision-making, say Chicago bankruptcy lawyers, more Americans may be able to nip overwhelming debt in the bud.
Whether it's a cutback at work, an illness, or an expensive car repair, unexpected costs can throw us for a loop when we're already living close to the financial edge.
But instead of quickly going into problem-solving mode to protect our bottom line, most folks are more likely to rely on credit cards while waiting for that raise our boss talked about last year.
Before we know it, our cards are maxed out, our mortgage payments are no longer affordable, and that raise never showed up in our paychecks.
Optimism is a great quality to have - just not when it comes to getting out of debt.
Business leaders know that the best time to take action is before financial troubles get out of control. If income isn't covering expenses, they don't wait until the bills are impossible to pay - they figure out how to lower the bills.
If that means filing for bankruptcy, or "reorganization," then so be it. Businesses don't make decisions based on emotions - there's no embarrassment, guilt or pride - they just do what they need to do to survive.
When your finances are in trouble, fixing them requires taking the biggest action possible. While you're sitting around waiting for a raise, a mortgage modification or a windfall, your situation will most likely get worse.
A Chicago bankruptcy filing can reorganize finances, saving potentially thousands of dollars per month. In the meantime, it can also legally protect against foreclosure and other repossessions.
A drastic situation calls for drastic measures. If you're behind on the mortgage or buried in credit card debt, bankruptcy may be the best business decision you ever make.
To speak with one of our professional Chicago bankruptcy attorneys, call the DebtStoppers Bankruptcy Law Firm at 800-440-7235. Call today for a free personal debt analysis or go online to DebtStoppersUSA.com.
More Blog Entries:
For Consumers Scammed by Debt Settlement Companies, Chicago Bankruptcy Offers Realistic Alternative: April 27, 2012
Homeowners Struggling to Close Short Sales in Chicago May Want to Consider Bankruptcy: March 13, 2012