Not only can you save money, but saving money and stashing it away for a rainy day is something you should do after your bankruptcy. Filing a bankruptcy by itself is not a solution to financial difficulty, but it can give you another chance at financial health. Sometimes bankruptcy is inevitable because of a huge medical bill, difficult divorce, or bad luck in the real estate market. However, many people filing bankruptcy overspend beforehand. To get the most out of your filing, follow these simple financial planning tips:
1. Save as much money as you can each month to establish an emergency cash account.
2. Pay all bills early. This can really help your credit score.
3. Protect the property you already have. Make sure your house, car, and utility bills are paid first.
4. Stick to your monthly budget. Have a budget for luxury items (yes, you can still buy fun things) and stick to it.
If you have questions about bankruptcy or bankruptcy alternatives, click the button on the left or give us a call. I would be happy to take a look at your situation during a free initial consultation.
