Nobody can accurately predict the future, no matter how successful their fortune telling business may be or how many credential they have to support the notion that they are an expert in a specific field. It is natural to take steps to plan your own financial future with a path that trends ever upward, but this tendency neglects to take into account the possibility for minor or major setbacks. Many of the most destructive economic changes are well beyond the realm of our own control. The unexpected loss of a job, a serious car accident or a medical emergency can quickly derail even the best laid plans.
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You do not have to risk being caught off guard by unanticipated challenges, however, if you adopt the view that those are in some degree inevitable. Doing so can allow you to position yourself to contend with fluctuations in your earning capacity so that you do not become unnecessarily distressed by an inability to meet your financial obligations. When mounting pressure from creditors or an increasing frequency and intensity of collection calls and letters begins to take its toll, then it may be too late for planning and may be time to consider filing for bankruptcy.
The Little Things Become Big Things
Though media reports and water cooler gossip may often attempt to portray an individual's living beyond his or her means as the leading cause of personal bankruptcy, this is factually not the case. Medical expenses trigger more than 60 % of bankruptcy filings. Irresponsible spending surely contributes to some debtors' problems, but fortunately that is the easiest situation over which one can take control to eliminate difficulties before they arise. By taking little steps and making slight modifications to your habits you can make a big overall impact on your financial health.
Depending upon the particular details of your life situation such as being single or married, employed or unemployed, and various other factors such as your age and the local cost of living might dictate different directions for you to take with your financial preparations. Some basic tips include:
Try to save an amount equivalent to several months' wages - this can shield you from job losses Purchase basic health insurance - by carrying even a low-cost policy you are more likely to go to the doctor when you become ill so you are less likely to be struck with devastating medical expenses as a result of progressive conditions Cut back on luxury spending - setting a plan for your luxury expenditures so that you will have a fixed budget or finite number of purchases that you can make can limit the damage that you do to your credit cards and your credit
For Financial Questions
If you have encountered financial struggles and are unsure how to find your way forward, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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