Content Overview 
- Summary
- Step 1. Create a Net Worth Statement and a Cash Flow Statement.
- Step 2. Examine your income
- Step 3. Examine your expenses.
- Step 4. If after eliminating your non-essential expenses, you still have more outlay than income, prioritize your debts.
- Step 5. Create a payment plan for your unsecured debt.
- Step 6. Renegotiate as much of your debt as you can according to your plan
- Step 7. If you still have a short fall, look for money including from loans against assets. Consider bartering
- Step 8. As a last resort, sell assets - perhaps even your residence.
- Step 9. If you need help through these steps, consult with a professional.
- Step 10. If nothing else works, consider starting a bankruptcy proceeding.
Ten Steps To Consider In The Event Of A Financial Crunch Or Crisis
Step 1. Create a Net Worth Statement and a Cash Flow Statement.
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Together, a net worth statement and a cash flow statement provide a snapshot of your finances - your assets, debts, income and expenses.
Creating a financial snapshot starts with gathering information. Getting this snapshot doesn't have to take a lot of time because ballpark numbers can be used. To learn what is needed, see: Financial Snapshot: Gathering The Information You Need To Create.
For information about creating a cash flow statement, click here. For information about creating a net worth statement, click here.
NOTE: It's worth taking a few minutes to check to see if you are owed money, or if you have assets, you may have forgotten about. See How To Find Missing Money
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