bankruptcy prevention

Bankruptcy prevention involves strategies and actions individuals or businesses take to avoid financial failure. This can include budgeting, managing expenses wisely, increasing income, and negotiating with creditors. It’s essential to maintain a healthy credit score, build an emergency fund, and seek professional financial advice when needed. In addition, understanding one’s financial situation and making informed decisions can help in avoiding overwhelming debt. Essentially, it focuses on recognizing signs of financial distress early and taking proactive steps to stabilize finances before they reach a crisis point.