Four Tips to Remember When Recovering from Bankruptcy: Brought to You by Labiak Law

 

No one wants to go through bankruptcy, let alone filing Chapter 11. However, sometimes the situation calls for it to happen. The first thing you should do is consider hiring a Visalia Bankruptcy lawyer who works for the Labiak Law Group. The next thing you should do is follow some of the great tips laid out for you below.

 

Bouncing back from bankruptcy is going to be a struggle. You can do it with some help from the Labiak Law Group.

 

1) The Budget

The first thing your Visalia bankruptcy attorney is going to recommend is for you to create a budget. That might appear to be common sense. However, you might be amazed at how many clients fall into bankruptcy because they cannot set a budget. You can ask your Visalia bankruptcy lawyer to help you. They will sit down and help you start the process. The rest of the planning is up to you to finish.

 

2) Savings?

Setting up some kind of savings account should be one of your top priorities if you can afford to do so. That way you will have a nest egg to help you out if you get stuck in this jam again. It does not have to be much. Save a little bit each week. You should have a nice little nest egg after a year or so.

FYI: Talk to your Visalia bankruptcy attorney about recommending a great tax attorney. You need to know how to handle your taxes after recovering from filing Chapter 11. Bankruptcy will affect your taxes. You need to know how to handle the filing.

 

3) Cash Houses

You need to learn how to use cash moving forward. The credit cards probably contributed to your debt. Your house needs to be a cash house. That means every time you and your family want to spend money, or need to spend money, then you need to use cash. What happens when you do not have the cash? Then, you did not need the item in the first place. Wait a little bit. Exercise some patience. The item is meant to be yours if it is still there when you have the cash. There needs to be more patience and less instant-gratification.

 

4) The Friendly Credit Card

There is a friendly credit card called the debit card. You should get into the habit of using one. The card is basically like having cash on hand. It will deduct the money from your account as soon as you make the purchase. You could use the credit portion, but it will do the same thing. It helps people get into a healthier pattern of spending money. You cannot spend the money when it is not there.

Do you need some help recovering from bankruptcy? Give the Labiak Law Group a call. One of their associates can discuss your financial options and what you should do next.