People who come in for a free consultation are always surprised to hear me say that I think that bankruptcy should be their option of last resort. Don’t get me wrong. I think that bankruptcy is one of the best and most powerful tools for people whose finances have gotten out of control and overwhelming. But the fact is that filing bankruptcy has serious consequences. Your credit score is going to take a big hit, and you might lose out on a job offer in the private sector in the future.
So, if I think there is a way a potential client can avoid bankruptcy, I encourage them to think twice about filing. I also encourage them to take a second look at their expenses. Have they cut all their extra expenses? Do they really need to eat out four nights a week? Will a used Honda Civic get them to work just as well as that new BMW X5?
The other part of the equation to making ends meet, of course, is bringing in more income. While I’m probably not as helpful coming up with ideas for finding extra cash, I came across a video from CBS Money Watch I wanted to share. Check it out.