Strategies to Save Money When Filing Bankruptcy
Individuals these days don’t really file bankruptcy only when they’re unable to keep up with their monthly bills and neither have any savings intact and hence forced to consider the option of bankruptcy. The worst bit supposedly remains the fact that filing for bankruptcy requires money. This money is consumed both in terms of court fees and legal retainers. Most find it practically impossible to save money in the face of such expenses. However, this isn’t necessarily true always and there are ways by which you can literally save money during and after a bankruptcy.
Strategies with which you can save money on going bankrupt
Understand that how you handle the little money even when you’ve got to file bankruptcy is a rather progressive thought indeed and you should make it a point to follow up on it no matter what. Here are a few strategies which you could adopt and manage to save money during and after bankruptcy –
Don’t waste any money: This happens when you’re way too caught up in the legal hassles involved. What happens then is that you don’t even notice where the little amounts are going and how. In spite of filing for bankruptcy, you shouldn’t really forget to devise and follow a budget of your own. Sticking to a budget is rather essential even in these financially trying times. Yes, living frugal is the order of the day for only then would you be able to end up saving some money.
Maintain a savings account: Even during and after the process of bankruptcy, it’s extremely important that you maintain a savings account. Whatever little you can put aside also happens to be of great value and that’s why maintaining a savings account becomes all the more imperative during times of financial crisis. It’s more like every time you get payment in any form, make sure that you put aside something in the savings account. More the amount, better it gets for you.
Stay away from credit cards: When trying to save money at the time of bankruptcy, make it a point to stay away from credit cards. Yes, filing for bankruptcy generally requires you to start closing your credit card accounts. Moreover, if you’ve already finished with the bankruptcy proceedings, then you sure as hell should avoid the idea of falling into debt all over again.
Make it a point to buy things in bulk: It’d be a good idea to buy things in bulk if you can. After all it’s a new free and financial life that you’re to begin after bankruptcy and hence you should take care to do things just right and that too from scratch. This includes saving money obviously and a great way to do so would include buying things in bulk. When you make bulk purchases, then you actually end up saving money as there’s lesser cost involved.
Try doing your own work: Another very important means by which you could save money includes the fact that you should try and do all your work by yourself. If you start hiring help for work which you could otherwise do yourself, things obviously become more expensive.