It's no secret that declaring bankruptcy certainly gave you control over your finances - and you're certainly eager not to end up back in the bankruptcy courts again. But thanks to a combination of the shrinking job market and the rising cost of living, you're worried that you'll end up right where you started: filing a petition in a bankruptcy court.
Even if you've got your bills under control now, it's always important to use the recession as an opportunity to make sure that your financial education is on the right track - especially if you're trying to avoid bankruptcy again.
If you're ready to improve your credit rating and ensure that you never have to declare bankruptcy again, pay attention: these are the expert financial tips that you need to follow in order to protect yourself from bankruptcy for the rest of your life:
Pay All Bills On Time. It may seem simple, but for many individuals, paying bills on time is a lot harder to put into action. However, this is the ultimate rule if you want to improve your financial habits and avoid bankruptcy. If you have a tendency to forget the due dates of your bills - and let's face it, who hasn't done this every once in a while? - try enrolling in automatic bill pay, where the money is directly taken from your bank account on your credit card's due date. It's really that simple to get a handle on all of those due dates - and ensure you don't get in trouble with your creditors again.
Give Your Budget A Check-Up. If you have no idea where your money goes at the end of the month, then it's time to sit down and work out a household budget. If you don't have a clue how to compose a monthly household budget, we recommend that you enlist the aid of a personal finance professional who can show you exactly what you need to do. Remember, the goal of the budget is to cut down on unnecessary luxuries (yes, your expensive latte habit counts as a luxury) to avoid building up credit card debt that can spiral you down the path towards bankruptcy. With a budget by your side, you'll be on track towards a healthy credit score in no time at all.
Re-Enroll in Credit Counseling Classes. When you declare bankruptcy, you're legally required to participate in a credit counseling class. However, if you still feel as though your money management could use a little extra assistance, don't hesitate to re-enroll in a credit counseling class. Declaring bankruptcy doesn't magically change your financial habits overnight, so it's important to be vigilant against the money mismanagement that caused you to file in the first place.
Remember, after declaring bankruptcy, you have a choice: you can continue down the same financial path again towards another bankruptcy, or you can get on top of your finances.
Reed Allmand, sponsoring attorney for Bankruptcy.net, is constantly looking for ways to provide the best financial information for his clients. Whether you are considering filing for bankruptcy, or are currently going through a Chapter 7 or Chapter 13, visit http://www.bankruptcy.net for up to date news and information you need to know.
By Reed Allmand
Even if you've got your bills under control now, it's always important to use the recession as an opportunity to make sure that your financial education is on the right track - especially if you're trying to avoid bankruptcy again.
If you're ready to improve your credit rating and ensure that you never have to declare bankruptcy again, pay attention: these are the expert financial tips that you need to follow in order to protect yourself from bankruptcy for the rest of your life:
Pay All Bills On Time. It may seem simple, but for many individuals, paying bills on time is a lot harder to put into action. However, this is the ultimate rule if you want to improve your financial habits and avoid bankruptcy. If you have a tendency to forget the due dates of your bills - and let's face it, who hasn't done this every once in a while? - try enrolling in automatic bill pay, where the money is directly taken from your bank account on your credit card's due date. It's really that simple to get a handle on all of those due dates - and ensure you don't get in trouble with your creditors again.
Give Your Budget A Check-Up. If you have no idea where your money goes at the end of the month, then it's time to sit down and work out a household budget. If you don't have a clue how to compose a monthly household budget, we recommend that you enlist the aid of a personal finance professional who can show you exactly what you need to do. Remember, the goal of the budget is to cut down on unnecessary luxuries (yes, your expensive latte habit counts as a luxury) to avoid building up credit card debt that can spiral you down the path towards bankruptcy. With a budget by your side, you'll be on track towards a healthy credit score in no time at all.
Re-Enroll in Credit Counseling Classes. When you declare bankruptcy, you're legally required to participate in a credit counseling class. However, if you still feel as though your money management could use a little extra assistance, don't hesitate to re-enroll in a credit counseling class. Declaring bankruptcy doesn't magically change your financial habits overnight, so it's important to be vigilant against the money mismanagement that caused you to file in the first place.
Remember, after declaring bankruptcy, you have a choice: you can continue down the same financial path again towards another bankruptcy, or you can get on top of your finances.
Reed Allmand, sponsoring attorney for Bankruptcy.net, is constantly looking for ways to provide the best financial information for his clients. Whether you are considering filing for bankruptcy, or are currently going through a Chapter 7 or Chapter 13, visit http://www.bankruptcy.net for up to date news and information you need to know.
By Reed Allmand
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