Three Tips for Planning a Financially Stable Future After Bankruptcy
Though some people look at bankruptcy as financial failure, it’s actually an opportunity for a new beginning. Depending on which bankruptcy option you take, you could have your debts immediately eliminated or partially absolved. Once you commit to bankruptcy, however, it’s important to do everything you can to protect yourself against accumulating insurmountable debt again.
Stay away from credit
For many, credit cards are the biggest reason they fall into debt. To avoid returning to old habits, refrain from applying for new credit cards. Instead, use cash, checks, and your debit card. Once your feet are solidly on the ground, you can begin applying for credit cards and rebuilding good credit.
Of course, avoiding credit is much easier said than done. To ensure you don’t rely entirely on credit, do your best to scale back spending and establish a savings account. Having extra savings is invaluable in the event of a medical or financial emergency. Try to cut back on unnecessary expenses except for the occasional guilty pleasure.
Stick to your repayment plan
If you’ve opted for Chapter 13 bankruptcy, then you and your attorney have spent days, weeks, or even months trying to negotiate a fair repayment plan with your creditors. It’s advisable to stick to this repayment plan to the best of your ability, or you may find yourself facing the same situation.
If you’re in a tough financial situation but are nervous about the aftermath of Milwaukee bankruptcy, then contact Burr Law Office. If filing for bankruptcy is your best recourse, then Burr Law Office will work before, during, and after your bankruptcy case. Give us a call today at (262) 827-0375 and take one step closer to living debt-free.