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 8. As a last resort, sell assets - perhaps even your residence.
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As you decide what to sell, keep in mind what assets may be exempt from bankruptcy.
When deciding what to sell, the emotional value to you of an item may be an important consideration. As a general matter, what you and your family need for a safe, health life are more important than sentiment.
For information about selling specific items or through the following means, click on following:
- A business
- Cemetary plot.
- Gold
- Items on line.
- Life insurance
- Personal property
- in general (including best what to sell what)
- On consignment
- At auction
- Real property
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