You may have struggled for a long time before deciding to file a Twin Lakes bankruptcy. A bankruptcy discharge was your life preserver, saving you from drowning in debt. If you are currently buried in debt and being harassed by bill collectors, filing a Twin Lakes bankruptcy can be your answer to financial freedom. Once your Twin Lakes bankruptcy is discharged, it you will need to rebuild your credit. Below we have provided five ways you can stay on track after a Twin Lakes bankruptcy discharge.
5 Financial Management Tips to Live By After Filing a Twin Lakes Bankruptcy
1. Live within your means. You may have filed a Twin Lakes bankruptcy due to overspending. Once your bankruptcy is discharged, you are finally back to square one. To help you stay on track with your spending, learn how to manage your money properly. Consider taking a course in money management or keeping a log of your monthly spending habits.
2. Pay your bills on time. Paying your bills on time is extremely important. Part of your credit score is determined by responsible bill payment. Many creditors, such as electric companies, credit card companies, gas companies, etc. report your bill paying habits to the credit bureau. It is possible to have a lower credit score simply due to paying your electric bill late every month. You also don’t want late fees and interest piling up on you.
3. Create a budget and stick to it. This goes along with living within your means. If it’s not in the budget, you shouldn’t buy it. You need to learn how to make a budget that fits your income. Lay out your monthly income, subtract your regular monthly bills, account for non-bill items you need (such as groceries and gas), and only spend what is left over, preferably after putting something into savings. Try your best to stick to the budget.
4. Rebuild your credit responsibly. You need to be awarded credit in order to rebuild your credit. We understand this can sometimes be a catch-22 situation. If you reaffirmed your vehicle or home, continue to pay your loan on time. This is a great way to start responsibly building your credit. Always pay your utility bills on time. Consider a small credit card to use for groceries. Only spend what you have laid out in your budget for food. This way, you will never be spending any more than you already have the cash to pay for. Make the payment immediately with the funds set aside from your food budget.
5. Learn from your mistakes. Remember why you filed a Twin Lakes bankruptcy in the first place. You can learn from your past mistakes and avoid those situations in the future. Most people know how they ended up in debt. Even if the majority of your Twin Lakes bankruptcy was due to uncontrollable medical bills, there are usually still some bills being discharged that were controllable. Whatever controllable circumstance led you to a Twin Lakes bankruptcy filing, try to avoid it like the plague in the future.
You may not be able to see the future. You may be thrown a few curve balls along the way. Through it all, if you follow the above tips, you should be able to make it through your next financial storm. If you do fall victim to uncontrollable circumstances, such as another accident, injury, surgery, or divorce, remember that it is not your fault. Some things just cannot be planned. Our Twin Lakes bankruptcy law office is always here to help.
Contact a Twin Lakes Bankruptcy Attorney
If you are considering a Twin Lakes bankruptcy, contact our bankruptcy law office at 262-725-0175. You can also reach Wynn at Law, LLC via our bankruptcy website’s contact page. Our experienced Twin Lakes bankruptcy attorney can help guide you in the right direction and provide you with options to correct your financial problem. Contact us for a free, no-obligation consultation today.
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*The content and material on this web page is for informational purposes only and does not constitute legal advice.
Photo by Flickr Creative Commons Ian Carroll