The Best Ways to Plan for Bankruptcy

The Best Ways to Plan for Bankruptcy

No one has the goal of filing bankruptcy. At best, it’s a clear way out of a bad situation created by a series of unexpected events. At worst, it limits credit potential for a few years and is a significant blow to your pride. However, it is a necessity for some, and often the only way they can recover and start over.

Planning for bankruptcy does not mean instituting a plan that ends in bankruptcy. Rather, it means planning for how you will manage things once the bankruptcy is discharged. Get more information about preparing for bankruptcy here (

Maintain the Basics

You may not have affordable credit available to you any time soon after the bankruptcy. Because of that, you need to start saving money for emergencies. This means you might also need to get more creative about the basics while you get at least enough savings in place to pay the bills for six months in case something happens. It’s time to start cutting corners so you can begin saving. Some of the ways you can cut your expenses in order to build your savings include the following:

  • Invest in Seeds and Gardening Supplies – The very act of growing your own food will help reduce your healthcare costs, and the garden will also save you money on groceries. It may even bring in a small income.
  • Put Your Electric and Gas on a Budget Plan – This will allow you to know exactly how much to pay each month, making it easier to maintain a budget. This can also motivate you to do things to reduce your utility bills whenever possible.
  • Investigate Entertainment and Phone Plans – Cable and satellite television can be both costly and unnecessary. You most likely have the Internet, which offers a wealth of streaming options. You might even be able to combine your cell phone, Internet, and home phone all into one affordable package. Check with your providers and see if you can agree on a new, less expensive deal.

Get Creative About Entertainment

You work hard, and you deserve a break now and then, even while you are building your savings account. To keep from spending money you don’t have, do your shopping on websites that offer deep discounts. You can also become a member of places that offer vacation incentives, like casinos that offer free nights at the hotel. You might even sit through a timeshare proposal in order to get a vacation for a couple hundred dollars rather than a thousand.

By devising a plan for what you are going to do after you file bankruptcy, you may be able to avoid ever being in this position again. Sometimes the state of your finances has less to do with your incoming funds than it does your outgoing funds. Click here for more information on Florida bankruptcy attorneys who can help (

Planning for your bankruptcy can lead to a healthy financial future. Please share this post online with anyone who may be considering bankruptcy.

Related Links:

Florida Bankruptcy Attorneys

Chapter 13 Bankruptcy

Florida Chapter 7 Bankruptcy Lawyer

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