It took a few months, but the debtor has complied with all of the requirements of the court and the chapter 7 bankruptcy in Denton, TX is finally settled. Now comes the time to plan for the future. Many of the things learned during the bankruptcy action will help the client make wise choices. Here are some tips for making sure this chance at a fresh start does not go to waste.
Sticking to the Budget
One of the requirements for receiving a chapter 7 bankruptcy in Denton, TX was successfully completing a court-approved financial management course. During that course, the client had the chance to learn more about preparing a budget designed to be in line with the amount of net income generated each month. That same course also included ideas for learning how to put a little money in savings each payday. Choosing to stick with that budget going forward will make it easier to create a lot of new debt and also make it easier to amass savings that provide help when some type of financial emergency does arise.
Resisting the Allure of Credit Card Offers
One of the things about a chapter 7 bankruptcy is that it is impossible to file a second time for several years. Credit card company representatives know this, so they are likely to start sending card offers in order to entice the individual to sign up. While it does make sense to secure a single card and use it to rebuild the credit rating, make sure that card comes with the best possible rate of interest. Pay off the balance monthly. All of those other offers need to be run through the shredder.
Focus on Needs Instead of Wants
Every future purchase should be examined closely. Will the purchase provide more than momentary satisfaction? If so and it happens to fit into the budget, go ahead. If the answer is no, step away and take a second look later on. Many people find that waiting a few days rather than making impulsive purchases helps them see that they really didn’t need the item anyway.
If bankruptcy seems to be the only way to deal with serious financial trouble, visit today and set up a date and time to meet. That meeting could be the beginning of a whole new way to live comfortably and build a cushion of financial resources.
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