The process of filing bankruptcy is all about giving an individual a fresh start in the beginning. Individuals should take bankruptcy seriously and hopefully learn from their mistakes and establish good spending habits and learn how to save a little bit of money each month. Not everyone who ends up filing bankruptcy had bad spending habits. Some were hit with a family crisis like losing their job, an illness that caused large medical bills and even a divorce. Sometimes the divorce could be caused by the financial troubles that end up in bankruptcy filing, but sometimes the divorce caused the financial troubles. Many people that get divorced don't realize how expensive it is to divide everything and have to pay for two separate households. This can cause anyone to go off budget and end up filing for bankruptcy.
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Most people hate talking about budgeting especially after just going through a bankruptcy filing. It was touched on in the pre-bankruptcy credit counseling course, then the post bankruptcy financial management course and of course the bankruptcy lawyer had a few things to say about it also. Let's face it, budgeting your finances is about as much fun as a colonoscopy. To have a successful budget, a person needs to come up with that streamline the easy way to stay on track. When you first set up a budget, a person will need to see where they're really at by adding up their assets and comparing it to their debts. Usually, taking a look at these two numbers is what made the individual decide to file for bankruptcy. A person after filing bankruptcy usually has a leg up on the normal average Joe because they just wiped out all of their unsecured debt in the bankruptcy filing. If someone is upside down on their debts, many times this will even the playing field and put them in a good situation to be able to save some money as long as they can stay employed.
Coming up with a good budget isn't rocket science and very similar to going on a diet. With the diet the more you eat, the more calories you take in and the more trouble you will have losing weight. When budgeting, the more you spend, the more trouble you will have saving money at the end of the month. The whole goal of creating a budget and sticking to it after filing bankruptcy is to cut back on your expenditures and save more money to increase your net worth. Initially, it's just like dieting and it takes time to break the bad spending habits. In a short period of time the person should start feeling pretty good about themselves when they see their savings account filling up. It's always good for a person post bankruptcy to talk with their bankruptcy lawyer about budgeting ideas. The more information on person has, the easier it will be to come up with a solution.
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