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Tips for financial responsibility during and after bankruptcy

When you file for bankruptcy, you might be accustomed to using your credit cards to pay for even the most basic bills. Now you have to learn how to live on only your income. This isn't always easy, and you have to plan ahead so you can come out on top.

Several things should come together to create your plan. You should set things up so that you can continue this type of living when your bankruptcy case is over. By then, you should be able to use credit wisely and only when absolutely necessary.

Set your budget

Your budget is going to have to be centered only on your income and not anything to do with credit. You need to sit down with paycheck stubs and bills so that you can see exactly how much you will have after regularly occurring bills. You should ensure that you can pay your regular bills on time since there is always a chance that late payments might show up on your credit report and now is the time that you should be working on building your credit.

Use cash

Using cash can help you to see where your money is going. Sometimes, people disassociate money on a debit card with cash. By paying with cash, you can visualize what you are handing out and see how much you have left. If you must use a debit card, remember that you should balance your ledger for it as soon as you make the transaction.

Slowly rebuild your credit

Remember that you can't obtain new lines of credit while your bankruptcy case is active. Instead, you will have to wait until it is closed. When you do obtain new lines, you might have to look into secured cards at first. Slowly work your way up to unsecured lines of credit. If you are going to do this, set your own guidelines for using the credit card. For example, maybe you will only use it to purchase gas once per week so you can pay it off right away.

Using positive money strategies now can help you once your bankruptcy case is finished. You can continue to use the methods that worked so that you can have good financial habits and avoid having to file again in the future.

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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