Memphis bankruptcy lawyers | Memphis bankruptcy attorneys

Well, you just finished your bankruptcy.  What now?

We’ve talked recently about not being able to remove a bankruptcy from your credit report and how you can improve your credit score after a bankruptcy.

We mentioned the necessity of a lifestyle change.  This is your chance to re-establish and rebuild your credit the right way.  Take advantage of it.

A big first step – start saving money.  Here are some ways you can do that.

1. Start a savings account and use it consistently

When you get your paycheck, the first thing you should do after depositing it is put 10% back into your savings.  Do you want to put more than 10%?  Then go for it.  Just don’t put so much in there that you will have to start transferring money back over to your checking account to cover your expenses.  Transferring money from your savings account back to your checking account just one time can lead to a slippery slope of consistently doing it and never really saving money.  If you have direct deposit, you can probably set up an automatic transfer to your savings account.

2. Pay your bills on time, always

Right after you put your 10% of your paycheck into your savings account, pay your bills.  Get a big calendar with all of your monthly bills written on it.  Look at what you have due next week and pay those bills, then after you pay them, write in big red letters, “PAID.” It’ll feel good.

3. Limit your expenses

Most of us, if not all of us, have expenses that we can eliminate today and either not notice it, or even be better off for it.  Do you really need cable and Netflix, or would it benefit you both financially and productively to get rid of cable and pick up a good book instead?  Do you really need to spend $100 a week on groceries?  Do you really need to eat out as much as you do? Take a look at your expenses and see what you can eliminate.

To some, these three tips are obvious and I’m preaching to the choir.  To others, these tips are foreign and may seem impossible.  However, once you start living by them, you’ll find how practical they truly are and how much of an impact they can have on your life.

If a medical emergency happened today…if you lost your job today…if your tire went flat today…if your checking account was hacked today….do you have enough money saved up to cover it?

You should.  Just keep that in mind.

This advice is directed to people coming out of bankruptcy with debts discharged or paid off.  However, what if you’re a person who can’t save money right now because you’re overwhelmed with debt you can’t pay?

A bankruptcy may be right for you and it’s nothing to be afraid of.  In fact, it can serve as your fresh start to re-establish and rebuild your credit the right way.  We have the resources to help you with that.

Improve your credit in Memphis | Bankruptcy lawyersWe offer a 14-week program, called “7 Steps to a 720,” that will help you re-establish and rebuild your credit the right way by teaching you in the ins-and-outs of credit cards and what the big companies don’t want you to know.  This program is free for our clients.

If you’re considering bankruptcy or have any questions, please contact us today, either by filling out the “Get in Touch” form below. or by calling us at (901) 327-2100.  One of our experienced Memphis bankruptcy attorneys will be ready to speak with you, free of charge.