Time to make those New Year’s resolutions. One of the best things about the New Year is to reflect on the past year and decide what, if anything, you want to do differently. We all want to eat better and do more exercise, but economic health maybe just as important.
The vast majority of us spend all of the money we make each month, with little or nothing put away in savings. That works fine, until there’s some problem, such as the loss of a job or an illness in the family.
If that is going on in your life – you have more bills than income – then resolve to do something about it. If there is a raise coming that will take care of everything, that’s fine. But if it will be too little, too late, take action now.
The Bankruptcy laws, enacted by the federal government, are designed to give you a “fresh start.” This may come as an immediate elimination of much of your debt (a chapter 7 Bankruptcy) or some breathing space in a restructure plan (a chapter 11, 12 or 13 bankruptcy).
See a competent bankruptcy attorney. Don’t spend 2008 fighting the same economic demons you did in 2007!