Set a real budget5 of 8Any 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.« Back to Managing Debt 2011. Related Articles:Estimate your FICO scoreCreate a home budgetCalculate savings goalRelated Links:Lunch savings calculatorFind a credit card rateMore about debt management advertisement
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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