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Bankruptcy Prevention Tips
- 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.