Olga Zlotnik

Navigating The Bankruptcy Tide

Olga_Zlotnik_profileNavigating the Bankruptcy Tide:
Tips to Help You Stay Dry and Steer Clear of Bankruptcy

Staying out of bankruptcy can be hard to do.  Over the past few months, I have been discussing the top 14 tips to help you avoid bankruptcy and financial distress.  Here is a summary of these tips:

Tip 1: Don’t funnel all of your savings into your house because houses are easy to lose nowadays (such as to foreclosure).

Tip 2: Avoid signing a personal guarantee on someone else’s debt, as you will expose yourself to a huge liability in the event of default.

Tip 3: Resist the urge to dip into your pension early because pensions are usually protected from most creditors.

Tip 4: Don’t put it on a credit card unless you can pay it off within a reasonable time.

Tip 5: Keep liquid assets nearby so that you can pay bills in the event of a financial shortage.

Tip 6: Never ignore a lawsuit.

Tip 7: Make sure you have adequate health insurance coverage.

Tip 8: If you lend money, be prepared and okay with losing it.

Tip 9: Get long-term disability insurance to protect your family in case you get too sick or hurt to work.

Tip 10: Avoid home equity lines of credit due to deficiency exposure.

Tip 11: If you do a short sale, protect yourself from deficiency exposure.

Tip 12: Address debt issues before you get married.

Tip 13: Set up an LLC or similar entity to protect yourself.

Tip 14: Get an umbrella insurance policy.

For more information on bankruptcy, debt, and litigation-related issues, please visit www.olgazlotniklaw.com


Please note that the information provided is for informational purposes only and does not constitute, and should not be considered legal advice. Transmission of the information contained here and receipt by the reader is not intended to create and should not be construed as creating an attorney-client relationship. The only way to create an attorney-client relationship with us is through a written and signed agreement with us.  The bankruptcy law services described herein are with respect to bankruptcy relief under the Bankruptcy Code. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.