Budgeting Tips for After Bankruptcy

Budgeting is a preventative measure that can keep people from falling into debt. Sometimes unforeseen events lead to bankruptcy, such as divorce, illness or investment loss. However, in other instances, debt results from poor financial management. If poor financial management was a factor, it is important to avoid repeating the same mistakes. Budgeting is one way of avoiding similar pitfalls and living within one’s means.

Budget ideas

*         When Georgia bankruptcy attorneys  help individuals file for Chapter 13 bankruptcy, they work out a monthly budget and make debt payments to the trustee. Following the same budget ideas after the conclusion of bankruptcy may be an easy and effective way to stay within a budget.

*         The information learned in the financial management education course (completed as part of the bankruptcy filing requirement ) offers ideas for budgeting expenses.

*         Estimate your average monthly income and list your monthly expenses. If your expenses exceed your income, you either must figure out how to make more money or how to reduce expenses.

*         Ways to increase income may involve taking on a second job, creating your own part-time business or seeking a promotion or raise in your current line of work.

*         Ways to cut down on expenses may include putting off the purchase of a new car, moving to a smaller home, or moving from a home to an apartment. Cutting down on some activities such as eating at restaurants and making unnecessary purchases may be required to help balance the budget. Remember to write down all your expenses each month, before the month starts, and stick to the amounts allotted for each expense.  

For experienced legal help with bankruptcy

Jeff Field & Associates  has more than 70 years of combined experience helping our clients obtain debt relief and get on with their lives. Visit us at our offices in Scottdale, Marietta, Douglasville, Gainesville, Lawrenceville and Athens, Georgia.