welcome to another financially fabulous
episode this is the place to be to learn about money and get inspired to take
small steps to improve your finances I’m Limor and while i’m not a
financial planner i’ll show you what I’ve learned in this episode I’ll be
explaining the repercussions of bankruptcy and strategies that you can
take to avoid getting there come on this will be interesting I wish the count on two hands the number
of times that people have reached out to me in private confessing that they are
considering very seriously going through bankruptcy to me it’s both sad and scary
at the same time the scary part is that most of these women do not fit the mold
of what would come to mind when you think of someone who’s about to go
through financial ruin many of them have jobs great wardrobes
and spend huge amounts of money on a lavish lifestyle in fact for many of
these ladies spending is what got them into this predicament in the first place
sometimes spending was on things that they felt they had no control over in
their lives things of great importance to them but we must know that we always
have control and we always have choices that’s not to say that all choices are
necessarily the best choices but people still have to take responsibility for
whatever choices they have made I have a hard time when people relinquish
responsibility of their debt I know having a huge amount of debt can feel
overwhelming and it can feel scary but trust me it didn’t fall from the sky
every dollar owed today was spent as a conscious decision so now to the issue
at hand bankruptcy it can feel like a fairly simple solution but actually it’s
definitely not going through bankruptcy has a lasting impact on many areas of your
life it can make it challenging to get a job in the future as your character can
be called into question it makes home ownership in the future
quite challenging too and maybe also very difficult to get a place to rent as some
landlords require a credit check in order for you to even rent their
property your credit score will be ruined for a number of years and this
process can really be soul-crushing rather than feeling that relief that you
may have been anticipating these implications should not be taken lightly
and can be very stressful and have a severe negative impact on your life to
actually go through bankruptcy you first have to qualify you have to meet a certain criteria and you
have to work with a bankruptcy trustee actually what is vitally important
before you determine the solution is that you consider exactly what got you
into this situation in the first place did you lose your job suffer an illness
overspending or was something else until you determine and figure out exactly
what behavior got you into the situation erasing the debt will do absolutely
nothing for you if you’re concerned about your debt to the extent that you
are seriously considering bankruptcy it would be a good idea to first consult
with an expert whether that’s a financial planner or a credit counselor
they can help you to restructure your finances and build a plan for you to pay
off your debt and explore all options if you’re not at this crisis point yet but
you’re moving in that direction your solution is to start budgeting seriously
there is no excuse debt is something very serious this isn’t to say that I don’t have
compassion for good people who have made some bad financial decisions but lots of
people somehow figure out how to live within their means and how to pay off
massive amounts of debt if you need help that’s ok just ask an expert and you can
start working on a plan together that brings me to today’s tweetable you can’t
just erase your debt so make sure you have a plan to pay for it here’s my challenge to you if you’re
even considering bankruptcy take a serious look at your debt and what
options you have to start to pay it off you should also reflect on what behavior
has gotten you into this situation that way you can avoid repeating it again in
the future also you don’t have to go through this
alone see the expert advice on the best approach to tackle your current finances
remember lots of people are chipping away at massive amounts of debt you’re not the only one leave a comment
below letting me know if you’ve heard of anyone who is considered bankruptcy and
what other options they might have explored and don’t forget to access the
free downloadable below to help you with this challenge did you like this video did you learn
something subscribe to my channel it’s free and
then share it with your friends and if you want even more tips and tricks to
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are or how you live your life I just have strategies to make you even more
financially fabulous! thank you so much for watching and i’ll
catch you next time then stay fabulous!