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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

How Can Consumers Budget After Filing for Bankruptcy?

[fa icon="clock-o"] October 27, 2017 [fa icon="user"] Scura Law Firm [fa icon="folder-open'] Bankruptcy, Debt Management

budgeting sheet and calculatorDealing with financial problems is never easy for individuals in New Jersey or elsewhere in the nation. In most cases, individuals and families are able to initiate a debt relief option in order to address and sometimes alleviate their debt problems. But going back to everyday life after filing for bankruptcy can be difficult for some. Consumers fear that they might end up in the same situation they were in before bankruptcy, causing them to land them right back into debt problems.

How can consumers budget after bankruptcy? Budgeting can be challenging for some, especially if they never spent much time learning about it in the past. While it could be difficult to initiate and keep in one's everyday life, consumers should understand what a useful tool budgeting is when it comes to dealing with their spending and debt issues.

The Federal Trade Commission has a budgeting chart that may be a very useful tool for consumers who have recently filed for bankruptcy. This chart helps consumers visualize their debt to income ratio and how their spending relates to their income. Lastly, this chart may help consumers note their necessary spending such as housing, food, transportation, health, credit cards and other expenses.

Understanding how much is owed each month helps consumers note how much of their paycheck is left after paying these necessary bills. Moreover, this assists consumers with their savings and helps them avoid unnecessary spending. By filling this chart out every month, consumers may be able to avoid future financial pitfalls such as debt problems.

Dealing with financial problems can be difficult. Going through the bankruptcy process is complicated, and individuals may have numerous concerns after the process is complete. Those considering or going through the bankruptcy process should take the steps they need protect their interests during and after the process.

Schedule a Free Bankruptcy Consultation Today!

Whether you need to completely eliminate your debt through Chapter 7 bankruptcy, or need to reorganize your credit payments through Chapter 13 or Chapter 11, we are well qualified as a full-service bankruptcy law firm for people in these and other New Jersey counties: Passaic County, Hudson County, Essex County, Bergen County, Morris County, and Sussex County. Call us today at 973-870-0434 or toll free 888-412-5091.

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