Tips for Families After Filing for Bankruptcy

: Reese Baker & Associates

  Filed under: Money Management

reportAfter you have made the decision to file for a chapter 13 bankruptcy with the help of a bankruptcy lawyer, it is important to refinance your life and work to decrease your spending to pay off your debt. Chapter 13 bankruptcy requires you pay back debts in full or partially over three to five years.

During the three to five years you spend repaying your debt, keep a limited budget to maximize the amount you can pay on your loans. Filing for a chapter 13 bankruptcy can place a lot of burden on your family, but with a few money saving tips, you can pay off your debt efficiently. Here are a few finance tips for families on a budget after working with a bankruptcy lawyer and filing a chapter 13:

  • Plan your meals. One of the easiest ways to lose track of spending is to go out to eat. Without proper planning, it can be hectic to figure out how to get a meal on the table, which is why many families rely on fast food or casual dining to get them through the busy week. Plan your weekly meals ahead of time to avoid impromptu trips to fast food chains.
  • Plan your shopping. Get all your shopping done at the grocery store in one trip. This saves money on gas and prevents you from buying unnecessary items every time you run to the store to grab a carton of milk.
  • Entertain at home. Spending time with your kids is important, but often we think we have to go out to make an event of family time. Have a home movie night or game night for quality family time without spending money on overpriced movie tickets or popcorn.

Having a financial plan with a reasonable but strict budget will help your family pay off debt without sacrificing the things that matter most. If you need help managing your debt or applying for bankruptcy, contact a Texas bankruptcy lawyer for assistance.