Managing Your Finances After a Chapter 7 or Chapter 13 Colorado Bankruptcy

Learn about managing your finances after a Colorado bankruptcy.

If you’ve filed Chapter 7 or Chapter 13 with a bankruptcy lawyer in Aurora or Centennial Colorado, finances are probably still on your mind. Managing your finances can seem like a scary task, but with the right mindset they don’t have to be. In today’s blog, we’ll discuss some tips for moving forward and managing your finances after a Colorado bankruptcy.

Managing Your Finances After Filing Chapter 7 or Chapter 13 Bankruptcy in Colorado

Congratulations – you’ve begun your journey to financial freedom. Now it’s time to think practically and wisely about managing your finances. As an experienced bankruptcy attorney in Lone Tree and Parker who has helped countless individuals and families find debt relief, here are some steps I would recommend you take:

[pullquote align=”center” textalign=”center” width=”100%”]Think smart about your money: create a budget, save and start managing it well.[/pullquote]

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Reevaluate Your Spending Habits following Bankruptcy in Centennial

First, get organized by reevaluating your spending habits. Reevaluate the ways you might have been spending too much money. Reevaluate where you are spending your money. Maybe you’re spending too much money on going out to eat rather than dining in. Or, maybe your money is going towards fixing up your home, rather than towards budgeting for your mortgage payments. Once you reevaluate your financial situation and decide on changes you’re going to make, you’ll be managing your finances like an expert in no time.

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Create a Budget after Bankruptcy in Aurora

After reevaluating your spending habits, you should create a budget. I can’t stress this enough. Too often people in Aurora or Littleton overspend and fall into debt because they haven’t created a budget. When you create a budget, you’re aware of how much you’re financially responsible for. Include in your budget your financial statements, your income and fixed / unfixed monthly expenses, like groceries, credit card payments, clothes, utility bills, rent, etc.  If you’re married, make sure all sources of income are accounted for. If you’re confident about how much money you have, you’ll be confident about how much you spend.

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Set Up a Rainy Day Fund Once Your Greenwood Village Bankruptcy is Complete

In addition to creating a budget, set up a rainy day fund. Like its name suggests, set up a fund to rely on when nothing seems to be going your way – when you’re having a rainy day. Always have an extra source of money if for some reason your regular source of income isn’t accessible or secure. Once you set up a savings account, set up how frequently you want to put money into it and how much money to transfer into it regularly. Make this regular payment without fail.

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Plan Ahead and Be Disciplined

After creating your budget and setting up a savings fund, always be thinking ahead. Be disciplined and think of your future self, your family, and your lifestyle. Create a safety net or margin underneath you so the next time your car breaks down or a medical issue arises, you’ll be financially ready. Discipline and deferred gratification make all the difference.

More Questions? Consult Denver Bankruptcy Lawyer Barry Arrington

I hope you found helpful takeaways for managing your finances from these simple yet practical steps. If you live in Denver or Highlands Ranch and have more questions about managing your finances / debt relief, contact my office today. Or, if you’re someone who has never filed Chapter 7 or Chapter 13 bankruptcy before, contact me and we can discuss your unique situation in more detail. Whatever the case, I’m here to help.

If you’ve been struggling to manage your finances, or would like more information about Chapter 7 or Chapter 13 bankruptcy in Colorado, contact experienced Littleton, Aurora and Centennial lawyer Barry Arrington today for a free consultation at 303-205-7870, or submit the “Get Bankruptcy Help Now” form. He will fight to give you the best, fresh start possible.

 Image Courtesy of Sujin Jetkasettakorn / FreeDigitalPhotos.net

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