Bankruptcy Prevention Tips

by
Richard Fonfrias, J.D.
Chicago’s Financial Rescue & Bankruptcy Lawyer
Fonfrias Law Group, LLC

• Keep yourself healthy.
• Never co-sign or take out a loan for someone else.
• Spend twenty percent less than you earn, save and invest that twenty percent.
• Find a certified financial advisor.
• Build enough cash to cover your living expenses for 6 months to a year.
• Pay off the balance each month on your credit cards.
• Charge less each month than you make in payments.
• Use cash for items, such as groceries, gas, and insurance.
• Set up a plan to reduce your total credit balance.
• Limit the number of credit cards you have.
• Do not take out new loans to pay existing debt.
• Know the total amount you owe.
• Make timely bill payments.
• When buying real estate make a 20% down payment.