When Is Declaring Bankruptcy A Wise Move

Filing for bankruptcy is a life-altering move for any person. No matter how much money you have, it’s something you will have to think long and hard about. As long as you take the necessary steps and have a bankruptcy lawyer Fairfax VA that will help you with the legalities, you will be able to save money in the long run.

Declaring bankruptcy, initially, will consume a lot of resources. Your time, money, and credit score will all be affected by this move. Other aspects of your life may become affected including your ability to get a new job.

Before You File For Bankruptcy

A common misconception about filing for bankruptcy is that it’s the be-all and end-all for your financial dilemmas. There are still things that you should consider before you declare bankruptcy as you may have success with these alternatives.

Consider looking for sources of extra income

The feeling of dread that you might feel when it’s time to go home but you still have to go to your second or third job is something that you may have to endure, but at least you won’t have bankruptcy under your name.

Follow a stricter budget

Instead of saving what’s left of what you’ve spent, you should save the money that you know you will need in the future. The rest will be the money that you will have to spend on everything else. Following a stricter budget is a healthy habit that you can follow.

Following even a loose budget can help reduce the burden on you when it’s time to pay for the utilities. Other ways that you can create a realistic budget is by sacrificing other aspects of your daily life. Here are some ways to do so:

You can look for roommates to share the fees on your rent

Consider buying a fuel efficient car to reduce the money spent on gas

Talk to coworkers about possibly carpooling to and from work if you live around the same area

Learn to say no to someone who’s asking for financial assistance if you’re having a tough time financially yourself

Actively look for promotions such as sales and coupons when it comes to the essentials when buying groceries

Investing in long-term solutions can reduce the cost of living for you in the future such as moving closer to where you work instead of taking a 1- to 2-hour trip everyday

Attend credit counseling and seek legal counsel

By going through consumer credit counseling, you’ll be able to learn the most effective ways to create a budget, pay debt, and use alternatives for bankruptcy. Make sure that you always look for an agency that has been approved by the Department of Justice.

Another important part that you have to remember is that you should seek help from a bankruptcy lawyer Fairfax VA. They will most likely have the resources that you’ll need so you don’t have to go through the trouble of finding a financial planner yourself. They’ll also be able to help you navigate the steps of filing for bankruptcy.

If you are planning to declare bankruptcy, contact our bankruptcy lawyer Fairfax VA at Bolger Law Firm. Let our team of experts help you rewrite your financial future.

Leave a Reply

Your email address will not be published. Required fields are marked *