Hi there, I am Aiden Muzzel. I am well versed in bankruptcy proceedings, so I would like to share my knowledge with you through my site. I started my adult years with minimal knowledge of money management. As a result, I ended up way over my head in debt. I was working two jobs and paying all of my income to the debt accounts without making a dent in the total. It turns out I was simply paying late fees and interest with my funds. I sought out legal representation to learn more about how bankruptcy could help me end the cycle and start over. My bankruptcy attorney helped me fill out paperwork, file documents and attend court proceedings. Within a year, the judge discharged the eligible debt accounts. I hope to explore bankruptcy in more detail on my website. I hope you come back soon to learn more.
A lot of people that file for Chapter 7 bankruptcy end up in this position due to credit card debts. Having credit cards is a good idea if you use them responsibly; however, credit cards can be dangerous for many people. Using a credit card is just so easy to do, and that is often why people end up owing more debt than they can repay. If you can relate to this and want to file Chapter 7, you should evaluate the situation to see if this is right for you. If you decide to go through with it, there are several changes you will need to make with your finances after you file.
Understand why you need changes
In many cases, people who end up filing for bankruptcy will end up needing to again in the future, simply because they do not change the way they handle their finances. Without some big changes, you may repeat your old patterns and wind up with a lot of debt on your hands.
Stop using credit cards the wrong way
The number one change you may need to make to stay out of debt after filing for bankruptcy is to learn how to stop using credit cards the wrong way. There is nothing wrong with using a credit card to pay for something if you have the means to pay off the balance when the statement comes in. If you use a credit card and cannot pay off the full balance when it is due, you are using the credit card improperly. If you choose to use credit cards the wrong way, you have a greater chance of accumulating a large balance on the card.
Plan your spending
The other good change you may need to make in your life involves planning your spending, and the best way to do this is by creating a budget and sticking to it. If you have a good budget, it should show you exactly how much you can spend in every category, including food, entertainment, bills, and gas. With a good budget that you follow, you will avoid overspending, and this will help you stay out of debt.
If you are in debt and need help out, bankruptcy could be a good option to investigate. If you decide to file, make sure you develop different habits with your spending after you file. To learn more about the process, contact a bankruptcy law firm like Cowan & Brady Law Offices Of today.Share
21 May 2018