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Are your financial problems overwhelming? Are you thinking about filing for personal bankruptcy? To ensure that Cleveland bankruptcy really is the best choice in your situation, we recommend you consult our bankruptcy lawyer in Cleveland, Ohio The following article is provided by our bankruptcy lawyer in Cleveland.
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How to stay febt free after your Cleveland bankruptcy is completed
As a resident of Cleveland, Ohio, it would be a huge mistake to file Cleveland bankruptcy, complete all of your duties in the bankruptcy, and then after the bankruptcy is over, start accumulating new debt. The biggest enemy to a fresh start after personal bankruptcy (filed under either Chapter 7 or Chapter 13), is new debt. Many people, after filing for Cleveland bankruptcy, go back to their bad old spending habits and accumulate new debts. To really get a fresh start, you need to find ways to stay out of debt after your bankruptcy is completed. Here are some suggestions:
•Stay away from credit cards. By avoiding credit cards, you eliminate the temptation to go back to spending the way you were spending before. You can’t abuse credit cards if you don’t have any.
•Save money. It’s easier to buy what you need if you have cash in the bank, rather than trying to borrow to make purchases. Put yourself on a savings plan, and each month you will build up savings. Save before you buy.
•Make borrowing less convenient. If you have a credit card, use it only for emergencies. To make it even harder to use, put it in a plastic container, fill it with water, then put it in your freezer. If you need to use it, you will have to wait until it thaws out, which should slow down your spending!
•Only borrow to buy long term assets, like a car or a house. Do not borrow to buy something that is consumable. Paying for dinners, movies, and drinks with a credit card is a bad idea, because you will still be paying for that dinner months and even years after the food is digested if you carry a balance on your cards. Use the “one day rule”; if you can use it or consume it in one day or less, don’t use credit to buy it.
•Never carry a credit card balance. Pay off your debts each month. If you pay your balance in full every month, you will never pay anything in interest.
•Find less expensive ways to reward yourself. Instead of treating yourself to an expensive dinner in a fancy restaurant, buy yourself a gourmet cup of coffee, or a big ice cream cone.
By watching what you spend, you will use credit wisely, and avoid debt after your Cleveland bankruptcy is completed. Get the fresh start that you deserve!
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