HOW TO STAY DEBT FREE AFTER FILING BANKRUPTCY

Being in debt is extremely stressful. For some, making sure you stay debt-free after filing bankruptcy can be equally as stressful.

Following some basic guidelines can help you stay debt-free.

1. Review your bills and keep track of your records
2. Understand your spending by looking at how much you spend & what you are spend it on.
3. Create and follow a budget after determining your necessary spending.
4. Eliminate the easy stuff first.
   • If you are buying cups of coffee or eating out every day for lunch, start brewing coffee and preparing lunch at home. This alone saves up to $100 or more per month just on simple food costs.
5. Start saving money each month by starting and maintaining a savings account.
   • Set aside a certain amount every month to be deposited into a savings account for years down the road, keeping you debt free after filing for Wisconsin bankruptcy.
   • With small deposits each month coupled with compound interest from a savings account, you can save a lot with just a little.
   • To make it easier to save, a forced savings plan may be ideal. With a forced savings plan, a set amount of money each month is deducted from your checking account and deposited into your savings.
6. If you own a home, make additional mortgage payments each year
   • Paying 1 additional mortgage payment each year can shave years of interest off of what you would spend.
   • You might also consider refinancing to lower your monthly payments to save money now and in the long run.
7. Pay monthly bills on time and in full (when possible) to avoid late fees and higher interest.

If you’re over your head in credit card debt, turn to the bankruptcy lawyers at Credit Solutions. We’ll help you with setting up a debt consolidation or repayment plan. If you will still need to file bankruptcy, we’ll determine whether it’s in your best interest to file for Chapter 7, Chapter 13 or Chapter 128(a bankruptcy alternative for Wisconsin residents).

Setup a FREE consultation with one of our bankruptcy lawyers – just send us some contact info and we’ll get back to you as soon as possible.