CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Life after Bankruptcy: Five Saving Tips that Will Prevent Future Problems

Saving money can be one of the best things you do to avoid further problems as you recover from bankruptcy. There is no denying things must chance after you file, but it is still possible to move in the right direction with your finances despite previous missteps. These five savings tips will help you get things back on track and ensure your bankruptcy was worth the effort.

1. Create a Plan

Moving forward after bankruptcy is nearly impossible without a plan in place. If you file for Chapter 13, you will be following a repayment plan arranged by the court. Make sure you have something set up after that expires. And if you file for Chapter 7, you need to create your own plan. Set goals, be realistic, and re-evaluate your situation every six to nine months. The more you save the better, even if it means drastically changing your lifestyle.

Need ideas for creating a personalized savings plan? Check out these tips from Bankrate.com.

2. Be Smart about Access to Money

The more ways you have to access your money the more likely you are to spend it. Ideally, you your paycheck can be directly deposited into your account so you are less tempted to spend too much. Also make sure you are not tempted to use debit cards to access your account.

3. Schedule Automatic Payments

Another way to limit access to your money is to set up automatic payments for bills. This guarantees bills are paid on time, so you do not fall behind and accumulate late fees. It also means you handle your money less.

4. Reach a Mutual Agreement with Anyone Involved in Your Finances

In most cases this will be a spouse. Any time there is more than one person involved in a financial arrangement, they must agree on priorities and on money management. Otherwise things get out of hand quickly.

5. Lighten Up

As important as it is to be strict with your finances after your bankruptcy, you cannot punish yourself forever. And trying to stick to too strict a schedule can backfire. The smarter thing to do is to set a savings goal when you want something unnecessary. If you are currently saving $100 per month toward emergencies, bump that number up to $125. After four months you will have an extra $100 to put toward something fun and it will not affect your bills or your pre-established savings goal.

Do you have questions about bankruptcy? Are you facing financial struggles that just seem to spiral more and more out of control with each month? We can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 for more information.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

What Happens If My Spouse Dies During Bankruptcy?

Seniors declaring bankruptcy have many concerns. One of the most pressing is how their health or their spouse’s health might...
Read More

Can I File for Bankruptcy Without a Job?

Bankruptcy is often considered a tool used by people without money, without income, and without any financial hope. The truth...
Read More

Should I Use Retirement Savings to Avoid Bankruptcy? A Tampa Bankruptcy Lawyer Can Help You Protect Your Retirement Nest Egg

Withdrawing money from your retirement savings is rarely advised by financial experts, even if you are facing bankruptcy. Working with...
Read More

Can You File for Bankruptcy and Keep Your Home

Foreclosure is something that occurs after a homeowner has missed multiple mortgage payments. Working with a Florida bankruptcy attorney helps...
Read More

Is There Such a Thing as Mortgage Bankruptcy?

Your home is one of your primary concerns when filing for bankruptcy. Can you claim bankruptcy and keep your home?...
Read More

What Do You Need to Know about a Home Auction in Bankruptcy?

Home auctions are a common topic that arises when someone is faced with the prospect of bankruptcy. Bankruptcy protection for...
Read More

Can a Florida Bankruptcy Attorney Help Me Avoid Eviction

Losing one’s home is one of the most common concerns you can have when filing for bankruptcy. A Florida bankruptcy...
Read More

Covid-19 Tax Tips

The COVID-19 pandemic has affected a variety of things including taxes. These COVID tax tips can help you prepare and...
Read More

How Can a Bankruptcy Attorney in Tampa Florida Help Me If I Fall Behind on My Mortgage After Filing for Bankruptcy?

Many people find that filing for bankruptcy provides all of the financial relief they need to get back on track....
Read More

Are Bankruptcy Laws Designed to “Trip” You Up? Here’s How a Bankruptcy Law Firm Can Help You Avoid Trouble

It’s no surprise that people are skeptical of how bankruptcy can help their financial situation. Many have heard stories about...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

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

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

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

Map And Directions

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

Map And Directions