Economics Finance

Are you considering filing for credit card bankruptcy? You are not alone. Thousands of Americans have filed for bankruptcy at this point. It is not surprising especially after what has happened to our economy. Bankruptcy is deemed by many as their only way out.

However, before you file for credit card bankruptcy, there are things that you might have missed which you might want to consider before you make up your mind.

Here’s what you should do to make certain that bankruptcy is indeed your only way out:

Get a spreadsheet and write down all your monthly expenses, everything to the last dollar. These expenses will include basic necessities; not so necessary items such as vacations, impulse shopping and the like; and of course a complete list of your credit card bills and other loans. If you notice that you have had unnecessary expenditures in the past, take those out of the equation and see if you are now able to pay your minimum requirement on your credit card bills. If so, then you can still save yourself from credit card bankruptcy. Cutting down on movies, eating out, short recreational trips can be your simple way out of financial destruction. Continue reading ‘Credit Card Bankruptcy – Considerations to Be Made Before Filing’ »

Self employed people are allowed to deduct several expenses from their income before working out how much tax they need to pay. Sadly, most self-employed people are unaware of all the expenses they can deduct, and so most end up paying more tax than they should.

By taking the time to learn about which tax-deductible expenses apply to you, you’ll be able to claim back the maximum allowable within the law, but without increasing your chances of being audited. The following are common mistakes which many self-employed people make, and which can end up being costly in more ways than one: Continue reading ‘Tax Deductible Self Employment Expenses – 3 Common Mistakes’ »