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Bankruptcy is a situation when an individual can’t pay his/her debts as they become due. Anyone can go bankrupt, whether it’s a company or an individual. In such a severe condition individuals or organizations don’t have enough financial means to repay the money to their creditors. After bankruptcy most of the finance ways get blocked and it's very knotty to arrange funds.

Bankruptcy may be defined as, "The condition in which a business cannot meet its debt obligations and petitions a federal court either for reorganization of its debts or liquidation of its assets."

In most of the cases bankruptcy is filed by the person or organization that is going to be bankrupt. But in few cases it may be registered by creditors. Some of you think that bankruptcy is an easiest solution when suffering from serious financial crisis, but it’s not an intelligent decision to get rid of such problem. Bankruptcy should be the last resort and circumvented at all costs.

This article has some effective ways that can help you to avoid bankruptcy. First of all, limit the number of credit cards you own. More the credit cards greater will be the chances of going bankrupt as they create will more debt. The best way to avoid bankruptcy is proper planning of your expenditures. Your income should always be higher than your borrowings. Don’t get unemployed. If you are out of work your debts will go higher and can cause bankruptcy. If you follow these simple tips you can avert such a staid problem.