5 Benefits of Saving Money After Bankruptcy

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5 Benefits of Saving Money After Bankruptcy

While filing for bankruptcy may not have been because you spent too much in the first place, saving money after filing may be the best decision you can make. While it may seem obvious that overspending after a bankruptcy is unwise, many make the mistake of falling into old buying habits with clean credit cards and more cash.

You may have some problems getting a loan or credit card. It takes time to build credit after bankruptcy. But it can definitely be done and you can start buying soon enough. The only problem is that some take this to the extreme. Saving money is the answer. This article says that saving money can be a challenge, but it’s one you have to take on.

Don’t make the same mistake…
What got you into the problem that caused you to file for bankruptcy? In other words, what did you spend money on, what medical bills did you incur, what interest rates did you incur, and what bills did you struggle with? Sometimes it’s not your fault that you filed for bankruptcy. You may have suffered an injury, received a medical bill for $40,000, and simply had to file.

It doesn’t matter why you filed because you need to save money after filing Chapter 7 or Chapter 13 bankruptcy. The more you save, the better chance you have of avoiding filing for bankruptcy a second time.

Protect what assets you still have
You probably have some assets and properties that you want to keep. Maybe you filed for bankruptcy to protect them. Now, with whatever money you have saved and made, put it in the bank account. Instead of blowing your checks on expensive dinners and other items, you can protect your home, car and other assets. If you get into trouble again, you may not be able to file for bankruptcy a second time (you have to wait 8 years for Chapter 7, and 6 years for Chapter 13). Therefore, if you want to keep what you have, keep it.

Pay all bills early
One bad habit many of us get into is paying bills on the days they are due or paying a late fee because we forgot. This needs to stop if you really want to save time, money and headaches, not to mention rebuild your credit. To rebuild your credit, you need to avoid being late on bills, and the best way to handle this is to pay them early.

Build your credit
As just noted, the more money you have, the better chance you have of paying bills on time. If you save more money, logic says you can rebuild your credit. If you save money, and pay bills on time, including credit and loans, you build your credit in the best way. You can then get a new credit card or loan if you need it. This is a great advantage that many overlook.

Freedom
Yes, spending money can be fun. And if you have a job, you deserve the right to spend money however you want. But true financial freedom comes when you save. You don’t have to keep certain bills in order to pay your mortgage. You don’t have to take phone calls with creditor all the time. And there’s no reason to worry about a second bankruptcy if you’ve saved money. The bankruptcy itself frees you from debt. Take advantage of that advantage.

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