When is it time to consider bankruptcy ?

That question for most is one often difficult to answer or by the time they ask themselves if there is any other way out of debt its already too late. If your like most people your fixed expenses are covered by a portion of your paycheck and you tend to spend your remaining cash on entertainment, holidays or other special events or simply to purchase something you like but more often then not don't actually need. For those who manage to put money on the side for unplanned expenses kudos to you and for those who quickly whip out the plastic you'll find that you eventually run out of available credit you once thoughtlessly charged to a credit account and that you can no longer keep up with the payments to those creditors as well. The second you begin to notice this pattern of plastic bail out its time to seek credit counseling and if you managed to catch it in time you have a chance a changing the course of your credit history and score. For those whom fail to recognize this its a sure bet that youll be settling those debts before a judge in bankruptcy court and will also be seeking help to repair your credit and restore your credit worthiness to its once former glory. My advice is always include savings in any budget no matter how little and look for other ways to tackle those unplanned expenses without putting it on plastic and you will significantly reduce the risk of getting buried by debt and having to embarrassingly explain to a judge why you spent more than you could afford.