Declare Bankruptcy - if you must

Declare bankruptcy if you must. It's not my first choice for getting out of debt, but it's an option that is available to you if you haven't made use of it in the recent past.

I've taken that route out of necessity. I had lots of "help" getting into debt, so I needed bankruptcy law to help me get out of it. You might be in a similar situation.

It certainly is worth considering if you're looking to get yourself out of debt promptly.

There are limitations and issues to consider, but it can be a simple way to get the debt off your back, and start fresh.

Sometimes a fresh start is what is really needed. With wolves at the door, it isn’t always so easy to concentrate on meeting your daily needs. The nagging creditors can be a distraction to say the least.

Bankruptcy is a good approach if you are hopelessly lost in a sea of debt that you can’t reasonably foresee paying back. The amount of debt has to be rather large to make it worth your while.

To declare bankruptcy is a big mistake if you haven’t made up your mind to change the behavior patterns and ways of thinking that got you into financial trouble in the first place. No sense falling right back into the "debt hole" because you haven’t decided to set a new course to financial freedom.

Like starting a business, declaring bankruptcy isn’t for everyone, but it certainly is a key to getting out of debt when you really need to. Consult an attorney for details about what can be done in this arena.

Stick with a plan of frugal living, and you'll likely never have to worry about getting out of debt. It's not easy to get out of that financial quicksand, so I wish you strength and focus if you find your financial back against the wall.

Done with Declare Bankruptcy, back to Mindset of Frugality

There certainly is a broad scope of topics here at Frugal Living Freedom. When you think about it, money permeates so very many activities in our lives, therefore, being frugal encompasses a wide range of interests, from being employed to taking a vacation, and just about everything in between. Enjoy the variety, pick up some new ideas, and start making frugality a part of your signature.

I'm a big proponent of being debt-free, and I mean entirely debt-free - no mortgage payment. It's not essential for financial freedom, but you'll love the feeling once you get there. If you didn't have a rent or mortgage payment, how much more could you do for yourself with your current level of income? I suspect plenty.

If you ever hope to see an abundance of wealth, you need to plug the hole in your boat. The wealthy don't necessarily make lots of money, instead, they know how to hang onto what they make, and make it work for them.