How do you end up in financial distress? There are many reasons, and, when it comes to facing a potential bankruptcy, very often the biggest triggering event is a medical crisis or a divorce. But there are smaller factors that can add up to your finding yourself in a big crisis. This is the last in a series on what one bankruptcy attorney identifies as the “Top Ten Personal Financial Mistakes” people make. His list is useful for all of us to review and consider, and his posts link to helpful resources available on the web. Be sure to click on the link below to his post and check out the resources he provides, too.
Here’s an excerpt from the series by Eugene S. Melchionne, Connecticut Bankruptcy Attorney at www.bankruptcylawnetwork.com.
Wait!”, you say, “I thought you said there were ten personal financial mistakes?” The worst personal financial mistake you can make is not to admit the mistakes you have made and take the action to correct them. It is possible to get in so deep that the only way out is bankruptcy.
Consider whether legal action to gain the opportunity for a “do over” is appropriate. Bankruptcy is not for everyone, nor is it a solution to every financial problem, but it may be the only legitimate solution for your situation.
Gene urges us to remember that we do not want to keep our heads in the sand about the reality of our situations. Expert advice about bankruptcy and bankruptcy avoidance is important.
Earlier posts in the series: Failing to Live With Direction, Living Beyond Your Means, Borrowing Money With Credit Cards, More on Borrowing From Credit Card Companies, Having No Emergency Fund, Failing to Save for Long-Term Needs, Failing to Accept Free Money, Miscalculating Life-Insurance Needs, Putting Your Eggs In One Basket, Emotional Spending