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Bouncing back from Bankruptcy? A Budget is Key

You have filed for bankruptcy and finally gotten yourself back on a financial stable, debt free life; however, you feel that you will fall back into routine of racking up huge credit card bills, medical bills, car payments, etc. Becoming financially savvy will take a while for someone who is just beginning to manage their debt, and one way to help stay out of debt is to budget!

Spending less and saving more will help toward the future. Here are some tips to get you on the track to doing just that:

· Understand what income is coming into your household each month. This will help you set an attainable budget to stick by, because you know how much money you have to allocate for different expenses. Remember to calculate the actual income that you have, that means after taxes have been taken out.

· In order to know put money toward expenses each month, one needs to know what expenses they have. Make a list of all your expenses each month, such as, mortgage or rent, groceries, gas, insurance, phone bills, school, internet and cable, etc. Do not forget to count the money you pay each month toward debts: student loans, car loans, or credit card debt. After all that is accounted for, add up all your expenses each month and compare it to your household income.

· There are other things people send money one then regular monthly expenses. Such as day to day purchases. Make sure that you track the money you spend every day on small things like coffee, ATM withdrawals, and casual lunch outings. They add up to and will help you budget by knowing where your extra cash is going.

· Set aside an amount of money each year for expenses you do not expect. You might have a refrigerator break, or a bridal shower you need to get a gift for. It is important to expect the unexpected when making a budget or sometimes those expenses will send you straight back into debt.

· You may need to cut unnecessary spending if you do calculate that you are spending more than you are making. For example, wait for sales to buy new clothes or appliances, cut the extra cable package, cook food at home instead of going out three times a week for dinner.

· You do not have to start a budget alone; there are apps and websites that offer budgeting assistance, such as, Mint; with these online services they help users record and keep track of every deposit, credit card bill, and financial transaction. Also if you online bank, most services are compatible with online banking.

Budgets are important to anyone who is coming out of debt. They help keep us on track to spend less and save for our futures. If you or someone you know is still struggling with managing debt, do not hesitate and contact an attorney who specializes in debt relief or bankruptcy, to see which option might be best for your current situation.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Work Cited:

Six steps to building a better budget (Time)


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  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
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