How Black Women Can Get Out of Serious Financial Trouble Posted on January 7, 2020February 3, 2023 By Leigh Langston Consumerism has enveloped modern American society. With advertisements at every turn, it is hard to deny your wants and stick to a budget. Staying on point financially is good for your future. By proper planning, you can purchase a house, start a business or retire comfortably. When things get out of touch financially, Black women have the following options to get back on track. Keep Your Options Open Financial difficulties can arise from unexpected medical bills or high unsecured debt. If you are having serious financial difficulties, analyze your financial situation and make a budget. Create a computerized spreadsheet, and write down your monthly income and expenses. Eliminate excess wants from your budget. Make it a priority to put at least 10 percent of your gross income into a savings account monthly. Debt Management Plan Sometimes, it is necessary to find the assistance of debt management companies that can help get your finances back on the right path. Debt management companies will help you pay off your debts in three to five years. Your counselor will contact your creditors and arrange a new payment schedule to pay off your debts. At times, your creditors may reduce the debts that you owe, lower your interest rates and eliminate several of your late fees. This process can help get your consumer credit report back on track. Last Resort Options In a capitalistic economy, Congress understands that financial calamities may happen. Therefore, they decided to implement laws to give people a fresh start when their finances collapsed. There are many debts that bankruptcy can help you erase that can help you in a dire financial situation. Bankruptcy is for individuals that have more bills to pay than income. This is a financial situation that you expect will not reasonably change anytime soon. If you are in dire straits and cannot pay all your bills within five years, then you can file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy involves liquidation. A court-appointed trustee will be assigned to your case. He or she will take an inventory of your assets and liabilities. Excess assets over the legal limit will be sold to meet your financial obligations. Chapter 13 is for wage earners. You will pay the majority of your debts within seven years. With a Chapter 13 filing, you may get to keep your major assets, like a house or a vehicle. Financial fortunes change. Thankfully, there are options to help you alleviate financial burdens so you can have a more fulfilling future. Read more: Black Women Finance Experts That Can Help You Make More Money Like this:Like Loading... Related News credit reporthow to get out of financial troublehow to save moneyrecovering from financial trouble
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