Debt issues can lead to a world of emotional stress and mental anguish. Being aware of your finances and taking control of your “financial exposure” can reduce your risk of insolvency. The bankruptcy attorneys at Hines Law serving the surrounding Boston area can help you decide what is the best option for you and your financial future.
In one of our previous posts, we talked about financial exposure and how to avoid it. Here are a few more tips to keep in mind about being overly exposed financially.
Retirement Plan
Tapping into your retirement money to pay off credit cards or other debt is not very wise. Your retirement plan will almost never be at risk because they are protected by claims from creditors. So ‘dipping’ into your retirement before you actually retire puts you at financial risk for exposure.
Insurance
Health insurance is a need not a want.
Failing to buy a health insurance plan puts you at financial risk.
Anything thing can happen at any time to anyone in terms of health, illness or accidents. Not having insurance can catapult you into tremendous debt overnight.
Earning Extra Money
If it’s hard making ends meet, try looking for opportunities to earn extra money. It may be difficult but if you have a passion, hobby or expertise you should explore your options.
The internet and today’s connected economy provides endless opportunities to earn extra cash on the side. It will not only keep you financially afloat, it may lead to something bigger and better.
Your Health
It is important to take care of yourself. Do not neglect your health. The more unhealthy you are can make you less productive and less motivated. The healthier you are, the more energy you’ll have and the more productive you’ll be. Your physical health can have a direct effect on your financial health. Not taking care of your health can lead to financial exposure and debt issues faster than you think.
If you are in debt and feel like you have lost control of your finances, personal bankruptcy might be the answer for you. The bankruptcy attorneys at Hines Law, representing clients throughout Massachusetts have extensive knowledge and experience. We handle all types of personal debt relief matters and are committed to safeguarding your interests and future. Call us today for a Free consult!