After Bankruptcy: 6 Steps to Financial Recovery (Part 3)

February 12, 2014

Building up your savings account and staying positive about your efforts to recover financially are crucial to getting back on your feet after bankruptcy.

Building up your savings account and staying positive about your efforts to recover financially are crucial to getting back on your feet after bankruptcy.

Wrapping up the three-part blog After Bankruptcy: 6 Steps to Financial Recovery¸ here are the final two things that you should after having filed for bankruptcy. By following all of the six tips explained in this three-part blog, you can successfully get on the road to sound financial standing and limit the possibilities that you may need to file for bankruptcy again in the future.

  • Tip 5: Make an effort to build up your savings – While a healthy savings account can be a nice financial cushion for buying pricier luxury items you may want, it’s also an essential financial safety net that will come in handy if you are suddenly hit with an expensive car repair bills, home repair bills, medical bill, etc. In fact, if you have been diligent about investing in your savings account, when an unexpected expense arises, you can fall back on your savings, rather than having to rack up credit card bills and/or take out a loan – either of which could bury you in debt for months or even years to come.To ensure that you are consistently putting money into a savings account, make sure to include this deposit as part of your monthly budgeting costs. Although it’s nice to be able to put away hundreds of dollars at time into this account, even depositing as little as $20 on a monthly basis will be helpful in building up your savings (and instilling the habit of focusing on this investment).
  • Tip 6: Think positively and stay the course – Because the road of financial recovery after bankruptcy can be long and, at times, frustrating or arduous, one of the most important things you can do is to stay positive and keep your long-term goal of achieving a good financial standing in mind. Anything worth having will take some work, and this is especially true when it comes to being financially sound.One thing you can do for yourself to keep you motivated to stay the course is to, every now and again, treat yourself to a small luxury item (for example, once every six months, maybe you decide to treat yourself to a massage or a nice dinner out). Another helpful thing that may keep you motivated could be keeping a copy of your bankruptcy filing to look at whenever you feel like frustrated with the financial recovery process. Whatever it takes, make sure that you stay positive and keep in mind that your hard work will eventually pay off.

Colorado Bankruptcy Lawyers

If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our Clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible.

For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us some details about your situation by clicking here.

Categories: After Bankruptcy, Bankruptcy, Blog, Chapter 7 Bankruptcy, Financial Recovery, Financial Tips