LIFE AFTER BANKRUPTCY: 6 FACTS TO KNOW (PT. 3)
March 31, 2015
Concluding our series Life after Bankruptcy: 6 Facts to Know, here, we’ll reveal a few more things you may want to be aware of when it comes to bankruptcy.
Life after Bankruptcy: Here’s What Else You May Need to Know
5 – With the right planning, your financial life after bankruptcy can improve significantly.
While we’ve discussed some of the efforts that may need to be made to improve credit in life after bankruptcy, some of the other things people can do to further improve their financial standing after a bankruptcy case include (but may not be limited to):
Living on a budget – Do you know what you spend on essential living expenses each month? Or how much you spend on nonessential things? If not, getting yourself on a budget in your life after bankruptcy can be key to limiting your spending and staving off serious debt.
Investing in their savings accounts – Not having a financial cushion to rely on when sudden expenses arise can plunge people right back into overwhelming debt. So, try to protect yourself against this by consistently investing in your savings in your life after bankruptcy. You may even what to consider your monthly savings investment as another bill so that you get in the habit of making this investment.
Using cash more – Studies have shown that, when people rely on cash instead of credit, they tend to be more aware of what they are buying and how much it costs; in fact, with cash, people generally tend to be more critical of whether they even need to buy a particular item in the first place. So, if you’ve been relying primarily on credit, try switching it up and using cash instead. It may help alter your perspective and, in turn, help you further curb your spending.
6 – When life after bankruptcy plunges you into serious debt, you may be able to pursue bankruptcy again.
Although bankruptcy can provide people with financial fresh starts, you can’t always predict what tomorrow will bring, as factors out of your direct/primary control may end up plummeting you right back into debt. For instance, the development of serious medical conditions, as well as things like persisting unemployment and/or divorce, can all end up causing significant debt, regardless of how fiscally responsible you’ve been trying to be.
When people find that life after bankruptcy has led them back into serious debt, they should know that:
They still have various options for debt relief.
Depending on how long ago a previous bankruptcy case was, pursuing bankruptcy again may be an option.
The trusted Denver bankruptcy attorneys at Garcia & Gonzales, P.C. are here for them, ready to help them get on the path to effective debt relief.
Denver Metro Area Bankruptcy Attorneys at Garcia & Gonzales, P.C.
Are you looking for real relief from serious debt? If so, you can trust the experienced Denver bankruptcy attorneys at Garcia & Gonzales, P.C. to provide you with experienced help, honest answers and the highest quality legal services.
To learn more about your best debt relief options, as well as how we can help you, contact us today by calling or by emailing us using the contact form at the bottom of this page.
When you contact us, you will communicate directly with one of our attorneys, not a paralegal or legal assistant. We welcome Spanish-speaking individuals to contact us also – hablamos Español.