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How can I make a financial recovery after bankruptcy in New Jersey?

Residents of New Jersey who file for bankruptcy should know how to rebuild their finances and transform their relationship with money.

It is not easy making the decision to file for bankruptcy in New Jersey, but it is a choice that could prove the most beneficial for your finances as well as your peace of mind. Once you have signed and filed the necessary paperwork, it is time to start rebuilding your financial house. Having the right plan in place is sure to make the process easier and more efficient.

Draft a budget

Even if you already have a budget, it is a good idea to revisit it and see that it matches up with your new lifestyle and financial limitations. As you are perfecting your budget, be sure you keep track of where and how you spend your money to ensure you have accounted for every bill and expense, no matter how minor.

Pay your bills early

It is good to pay your bills on time, but it is even better to pay them early. This is especially true when it comes to credit card bills and anything that accrues interest. If you pay your bill before the end of the month, or before the date your monthly interest is calculated, you can reduce the amount you pay in interest. With all other bills, paying them early gives you the peace of mind of knowing you have one less thing to worry about this month.

Start working on rebuilding your credit

While most creditors will see you as a liability, it is entirely possible for you to start rebuilding your credit, but it is going to take some effort on your part. Rather than waste time applying for regular credit cards, consider secured credit cards or a co-signed credit card. You will have to offer up a deposit for a secured credit card, and a friend or family member will have a take a chance and become a co-signer with a co-signed credit card, but both are good ways to start building your credit as well as the trust lenders have in you.

Learn to rely on cash

Rather than go back to swiping your debit card for every purchase, develop a habit of using cash instead. With cash, you watch the number of bills you have dwindle, which does not happen when you use your debit card. By mainly using cash, you are more likely to be mindful of what you buy, which is a great way to redefine your relationship with money.

The above tips offer a great foundation for getting back on your financial feet in New Jersey after bankruptcy. Put them to good use, and be sure to consult with an experienced attorney for additional tips and solid advice.


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  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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Goldman & Beslow LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017
East Orange Law Office

Phone: 973-414-8069
Phone: 973-419-7631
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
Fax: 973-675-5886
E-mail the firm

NEWARK OFFICE 168 Bloomfield Avenue
Newark, NJ 07104
Newark Law Office

Phone: 973-483-1333
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

PATERSON OFFICE 100 Hamilton Plaza,
Suite 405
Paterson, NJ 07510
Paterson Law Office

Phone: 973-247-9445
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

JERSEY CITY OFFICE 26 Journal Square,
Suite 603
Jersey City, NJ 07306
Jersey City Law Office

Phone: 201-659-6226
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
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