Bankruptcy is a nightmare for everybody around the world that can appear anytime. Nobody wants it happen in his or her chapter of life. Therefore, people have to prevent it when they start to feel that there is a financial problem or even before it comes.
- You should live within your income. Do not buy something that you know you cannot afford it. For example, if you want buy a house, you should calculate the mortgage payment and your ability to pay it even when your income decreases up to 25%. Moreover, for buying a car, you are better to re-think whether you need to have a new car or used car even if you have enough money.
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