You Have the Choice to Take Back Control of Your Financial Future.

Manage your finances after bankruptcy

On Behalf of | Oct 2, 2019 | Avoiding Bankruptcy

After you file for bankruptcy in Florida, you may think your financial troubles are over. However, it is important to take care so you do not get into another serious financial situation. At Kingcade, Garcia and McMaken, we know how important it is for you to understand how to manage your finances after bankruptcy.

It is a good idea to examine your financial habits after bankruptcy. The Street says that you cannot stay out of trouble if you do not know how your financial difficulties arose. You should typically identify the events that led to your bankruptcy. If you know that overspending led to your financial situation, for example, then you might realize you need to pay closer attention to your budget. Once you know how you accumulated so much debt, you can implement strategies to make sure you stay out of debt.

You may want to focus on your financial needs and not your wants immediately after bankruptcy. This can sometimes make it easier for you to keep your finances in order. Additionally, it is a good idea to put money into an emergency fund. This fund should usually have enough to take care of about six months of living expenses. It may also be a good idea to take a class about financial literacy.

Sometimes small steps can help you manage your finances after bankruptcy. If you do not already have a budget, it is a good idea to create one and then stick to it. You may also want to pay your credit card bill in full each month. Sometimes it may also help to have several savings accounts. You may want to have one account for emergencies and another one for large purchases, such as a new television or car. You can find more information about this subject on our webpage.



Kingcade & Garcia | A Miami Law Firm