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6 ways to bounce back from bankruptcy

Set a real budget
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Set a real budget

Any plan for putting your finances back together after a bankruptcy is going to include a budget, but it has to be realistic, says Brown.

"In most Chapter 7 (personal bankruptcy) cases, the budget is negative," says Brown. "There's not enough income and too many expenses. Start by reviewing that budget and getting it in line with reasonable family needs. That may mean getting rid of cell phones, cable, eating out and other family treats that may need to take a back seat to more important needs." And it should absolutely exclude items that you have to finance.


 

 

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