Managing debt
Woman working on papers
debt
6 ways to bounce back from bankruptcy

Set a real budget
Next
5 of 8
Back
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.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Pay off $50K card debt fast?

Dear Debt Adviser, I have a debt of $50,000 from balance transfers and credit-line accounts. If I were to pay just the minimum due every month (which is what I can afford now) how long will it take to clear including... Read more

advertisement
Partner Center
advertisement

Connect with us