Bouncing back after filing for bankruptcy

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Filing for bankruptcy is a hard decision to make. After this happens your credit score will be ruined and your bankruptcy can remain on it for several years. While this is a hard thing to go through it can help you get a fresh start. With a new debt free situation you can learn from past mistakes and learn how to make smarter money decisions. This can be a life changing decision, but it is important to not fall into the some pitfalls that lead to your bankruptcy. 

 

One of the first things that can help you financially bounce back after a bankruptcy is identify what financial mistakes and money decisions you’ve made that contributed to the need for filing for bankruptcy. In some cases it is unavoidable with medical fees and other situations out of your control. In others it may just be a mismanagement of your funds or spending more money than you make. Think of every possible contributing factor and change your habits to ensure you can have a good fresh start. 

 

Use these insights of past mistakes and set a financial goal for yourself. This could mean working towards a certain credit score and so much more. They can be small or big goals, but make sure they are reasonable and reachable. Your goals can motivate you to change the way you handle finances and help you stay out of trouble. 

 

Another great way to help yourself is to give yourself a budget. Write out every necessary expense you have and pay for these things first. These include: groceries, rent or a mortgage, and utilities. Once you have your budget see where you can cut down on your spending to save money. Not spending more than you have to give you more money to put into savings. 

 

We are here to help you with more than just being your Divorce Lawyer Provo Utah, let us help you when filing for bankruptcy.

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