CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Four Mistakes to Avoid When Managing Your Finances after Bankruptcy

Four Mistakes to Avoid When Managing Your Finances after Bankruptcy

MistakesAvoid These Common Financial Mistakes After Filing for Bankruptcy

Managing your finances after bankruptcy can be a challenge, especially if you struggled before you filed.

Credit and financial counseling are part of the bankruptcy process, but with everything else going on it can be difficult to remember and apply everything you learn. For many people, the weeks and months after their bankruptcy are the most important for avoiding a second filing.

If your goal is to stay on track after you complete bankruptcy and you want a better financial future, these four tips can help.

Create a Budge to Help You Manage Your Expenses

The best thing you can do at any point in your financial life, but especially after bankruptcy, is to calculate your expenses and know what you spend each month. Once you know how much you have to spend, you can create a budget. This allows you to prioritize your expenses and take care of those priorities before spending any other money.

Understanding your monthly expenses also helps you determine if you’re earning enough or if you need to cut back on spending.

The great thing about doing this after bankruptcy is you’re beginning with a fresh slate. If the majority of your debt was discharged in bankruptcy, you’ll be starting fresh and can assess your financial situation before taking on a new expense.

You can find budgeting tips here provided by the Federal Trade Commission for consumers.

Make Savings a Priority to Build Credit after Bankruptcy

Putting money away to save when you’re considering bankruptcy is a challenge. If your day-to-day financial situation involves holding creditors off and scraping together enough to pay your bills, chances are you aren’t thinking of the future when it comes to money. Unfortunately, failing to save can get you into a serious financial problem again.

Once you emerge from bankruptcy, you need to make saving a priority. Include savings as one of your priority expenses when creating a budget. If possible, aim to save at least three months of expenses to give you a safety net in the future. Even if you’re only able to put away a few dollars each week, saving should be an important part of your post-bankruptcy financial plan.

Dipping Your Toes Back into Credit, Rebuilding Credit

As much as you might be tempted to avoid credit cards after finishing bankruptcy – or the opposite, you’re tempted to overdo it with credit cards – you’ll want to ease your way back into the world of credit.

Most people receive a wave of credit card offers once they complete bankruptcy, but most of these offers aren’t great choices. Many unscrupulous creditors prey on people who have experienced financial problems and offer credit cards with high interest rates and other penalties.

Your best bet is to take your time, explore your credit card options, and choose just one credit card to help you rebuild your credit. Use it only for small purchases so you can avoid to pay off the balance each money. The last thing you need after completing bankruptcy is to accumulate a large credit card balance that puts you in a precarious financial situation.

For moreinformation on emerging from bankruptcy successfully, or to speak to someone about filing, contact the Law Office of Robert M. Geller at (813) 254-5696.

Tampa Bankruptcy Law Blog

What are Your Bankruptcy Options?

What are Your Bankruptcy Options?

How Bankruptcy Works Bankruptcy can be a powerful tool to help you get back on track financially. But before you...
Read More
Bankruptcy and Your Tax Return

Bankruptcy and Your Tax Return

How Bankruptcy Can Affect a Tax Return Receiving an income tax return can feel great and help you get caught...
Read More
Borrower Beware! What You Need to Know about Debt Relief Services

Borrower Beware! What You Need to Know about Debt Relief Services

Are Debt Relief Sevices Legit? If you feel as if you are drowning in debt you’ve no doubt considered a...
Read More
Four Mistakes to Avoid When Managing Your Finances after Bankruptcy

Four Mistakes to Avoid When Managing Your Finances after Bankruptcy

Avoid These Common Financial Mistakes After Filing for Bankruptcy Managing your finances after bankruptcy can be a challenge, especially if...
Read More
Tips for Handling Creditor Harassment

Tips for Handling Creditor Harassment

Creditor Harassment and Bankruptcy Dealing with a significant amount of debt is difficult enough, but when creditors began hounding you...
Read More
Unexpected Debts that Can Lead to Bankruptcy

Unexpected Debts that Can Lead to Bankruptcy

Unexpected debt can cause financial issues and Bankruptcy Unemployment, poor management of credit cards and even divorce can push people...
Read More
What You Need to Know about Tax Identity Theft and How It Can Affect Your Credit

What You Need to Know about Tax Identity Theft and How It Can Affect Your Credit

Tax Identity Theft and Credit The increasing popularity of filing tax returns online has given way to a rise in...
Read More
How To File for Bankruptcy [Infographic]

How To File for Bankruptcy [Infographic]

The Bankruptcy Filing Process Need to file for bankruptcy but not sure where to begin? The Law Offices of Robert...
Read More
Five Things You Need to Know about Bankruptcy Fraud

Five Things You Need to Know about Bankruptcy Fraud

What is Bankruptcy Fraud The average person filing for bankruptcy has no intention of committing fraud. He or she is...
Read More
The Importance of Being Prepared: What You Need to Bring with You to Your Bankruptcy Consultation

The Importance of Being Prepared: What You Need to Bring with You to Your Bankruptcy Consultation

Preparing for a Bankruptcy consultation with a Bankruptcy Lawyer Filing for bankruptcy is a big decision. One of the most...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2018Robert Marc GellerReviewsout of 32 reviewsLEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online   Bankruptcy Courses   

Tampa Office

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405


Tampa Law Office Map

St. Petersburg Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: (727) 532-3939


Map and Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.