The idea of living in debt becomes more common with the rise of credit cards, student loans, and more. As this becomes more popular, so does filing for bankruptcy. There have been many successful people who have filed for bankruptcy and come back from it. Walt Disney had to file when his first company failed and left him personally in debt, but he bounced back with a little guy named Mickey and the rest is lost somewhere in all of those billions of dollars Disney is worth now. Stan Lee, the man behind the Marvel craze, once filed for bankruptcy as well. Larry King, one of the most famous men in talk show history, filed twice before he made it. Mike Tyson, Willie Nelson, and recently 50 Cent have all filed for bankruptcy. But they didn’t let it beat them. Here are a few tips to help you bounce back as well.
- Pay your bills on time – We’ll start with an easy one. It actually helps a lot to simply pay your bills on time. It shows a degree of financial responsibility that may even help your credit a little.
- Create a budget – It’s not sexy, we know, but making and sticking to a budget can drastically cut back bad habits. Having everything laid out in detail in front of you in a budget can help you to understand how much money you actually need and where your money goes.
- Start a savings account – The goal is to save enough to cover you for six months of expenses, but that is a pretty big goal when just starting out. Try and save 5-10 percent every month to start and increase it later as you get the hang of it.
- Find places to save money – Look in your new budget and try to find ways to decrease each expense. Maybe cut the phone plan down to the next lowest plan. Maybe take the bus instead of the car to work. Every little bit helps!
- Get a secured credit card – A secured credit card is a low limit card that you pay for in advance. Set the limit around $500 to start, then you’ll give $500 to the issuing bank so that you’ll be covered for the card limit, that’s how they work. Make sure to pay the bill in full and on time. This will help you to start rebuilding your credit, and before you know it you’ll be eligible to get an unsecured card, and even buy a house later.
Don’t let filing for bankruptcy be a death mark. It certainly doesn’t have to be. You will likely even feel a lot better and relieved after filing, and there is always a chance that you may open a theme park in Florida later. Give us a call and we’ll help set you on the path.
Garland & Mason, L.L.C. – Bankruptcy Attorneys