You might think that the connection between money management skills and bankruptcy is fairly obvious. However, it actually goes deeper than you think. Sometimes, money management skills aren’t just about preparation, but also about recovery. Good money management skills can oftentimes prevent bankruptcy, of course. Take budgeting, saving, and responsible credit usage as examples of good preparation money management skills. However, let’s focus on the recovery aspects of money management!
The Smart Move: Choosing Bankruptcy
The recovery side of money management means knowing when to throw in the towel. If you’ve been experiencing the burden of debts you know you won’t ever be able to repay, then it might be time to file for bankruptcy. After all, that’s what the bankruptcy laws exist for! Protection.
Furthermore, bankruptcy provides you with the ability to make some smart financial moves that other people don’t have as an option. For example, did you know that you can prevent foreclosure by filing for Chapter 13 bankruptcy? If you’re dealing with foreclosure, then you know that preventing it isn’t easy! Is Chapter 13 starting to sound like something you need?
Taking advantage of the bankruptcy protection that’s available for anyone can be a smart money management technique. Whether you’ve been a good manager of your money in the past or not, now is always a good time to start. And, for you, it might just start with bankruptcy!