Groce & DeArmon, P.C. has helped countless clients in Springfield, MO with bankruptcy cases. Whether it’s Chapter 7 bankruptcy, Chapter 13 bankruptcy, or bankruptcy protection, our team of experts knows how daunting and overwhelming the whole process can be. Not only that, we know that it also has the potential to make life very complicated in the aftermath.
In a previous Groce & DeArmon, P.C., blog, we outlined the best way to build your credit after declaring yourself bankrupt, but the challenge goes beyond just your finances. In this entry, we offer some advice on re-assessing your life after bankruptcy.
You’re Not Alone
First things first, you need to know that you’re not the only one. Many people end up having to file bankruptcy, especially in our modern, credit-driven culture. With so many people being encouraged to take out loans and use credit to pay for everything, the number of people in over their head with debt sadly has sadly increased, too. Groce & DeArmon, P.C. has had to help many people who have simply become overwhelmed with the financial demands of the modern world.
But, this does mean that it’s not just you. A lot of people feel there is a stigma to bankruptcy, feeling that they’ve failed in some way, or should be ashamed of or disappointed in themselves. This attitude doesn’t help anyone – least of all you! Let go of guilt or self-doubt, and remember that this has happened to many, many other people. You can also be assured that Groce & DeArmon, P.C. will be the last people to judge you based on your circumstances – we’re here to help.
Budget Carefully and Be Realistic
In the blog entry mentioned previously, Groce & DeArmon, P.C. laid out rebuilding credit. But setting yourself a new carefully planned budget isn’t just important for your credit score – it’s important for all your finances. The reason you had to file for bankruptcy was most likely that a mix of borrowing and spending ended up spiraling out of control. This is understandable, as most of us have a lot of responsibilities to juggle.
Take bankruptcy as an opportunity to look at your financial habits and previous plans with a fresh perspective. Look back at where the spending or borrowing increased, where it was you started to miss payments and struggle to pay back debts. Consider dividing your budget into savings, emergency money, and everyday costs, and remember that you need to try and live below your means.
Re-Evaluate Your Lifestyle
For some people who have been forced to file bankruptcy, living below their means is a struggle. The appeal of loans and credit that allow “extra” money is a slippery slope into insurmountable debt – and it can happen faster than you think. If you’re filing bankruptcy from losing control of your debt, you might want to use this is an opportunity to assess your lifestyle, as well as your finances.
We recommend looking through your previous expenses and considering what you were spending on that wasn’t strictly necessary. It’s no surprise if borrowing or paying with credit was being used on luxuries rather than must-haves, You may have to get used to reducing the quality of life you’ve gotten used to, in order to reduce your spending.
Don’t Be Afraid to Ask for Help
The most important thing to remember with filing bankruptcy is that help is out there. You shouldn’t avoid asking for help – either before or after filing – out of a misguided sense of shame or guilt. How you got into debt doesn’t matter, getting out of it does!
Don’t be afraid of asking for help, whether it’s with the filing process itself, or with budgeting and rethinking your lifestyle and expenses afterward. You’re not alone, and Groce & DeArmon, along with family and friends, are here to help put you back in the black.
Groce & DeArmon, P.C. Offers Professional Support
If you’re struggling with your costs and have come to the decision to file bankruptcy, Groce & DeArmon, P.C. is here to offer professional, understanding legal aid. Contact one of our qualified and experienced bankruptcy lawyers today.