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Bankruptcy can teach debt management skills

New Jersey residents who have been hit by unanticipated circumstances, such as loss of employment or mountains of medical debt, may not know how they will ever reach a state of financial stability again. However, those who filed for bankruptcy would have had to go through mandatory debt counseling, which would have given them the tools needed to get back on track. If those lessons are practiced after the discharge of bankruptcy, consumers may be able to rebound from previous setbacks.

The first step is to assess and accept the current situation and avoid negative thoughts that are counter-productive. The pre-bankruptcy counseling would have shown people how to create a budget that is workable. Ways to build additional income can be researched, and although it will be tough to work with a minimum income, prioritizing spending may help. Renting a room from family may be cheaper than other options, and using public transportation can also go a long way in saving on rent, car payments and insurance, gasoline, and more.

Setting realistic goals may help to prevent giving up. Getting back on track financially is a slow process for anyone who has lost everything. It is said that those who can get up after every setback are the ones who achieve success. By utilizing the lessons learned during the bad times, anyone can look forward to better times.

New Jersey consumers who are facing overwhelming debts may benefit from gaining knowledge about the protections offered by the U.S. Bankruptcy Code. While providing a chance to get a fresh financial start, filing for bankruptcy can protect individuals from creditor harassment, repossessions, wage garnishments and more. Furthermore, credit counseling will provide filers with financial skills that will allow them to maintain stability after exiting from bankruptcy.

Source: wisebread.com, "How to Get Your Finances Back on Track After Losing Everything", Mikey Rox, Oct. 7, 2016

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  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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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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