Personal Bankruptcy Kitchener - How To Turbo Charge the Bankruptcy Process
As a Canadian bankruptcy trustee with a head office in Kitchener, Ontario, I know from experience that virtually no-one ever expects to file for personal bankruptcy.
However, if you realize that personal bankruptcy is the only practical option for dealing with your debts, here are some tips to turbo charge the personal bankruptcy process so that you can finish the process efficiently, and get back on track as quickly as possible once you are discharged from bankruptcy.
First, use the bankruptcy as a fresh start.
Learn as much as you can about budgeting and personal money management so that you never repeat your past mistakes.
Analyze how you got into financial trouble in the first place, so that you minimize your chances of ever having financial problems again.
Second, start saving money.
Whether you have filed a personal bankruptcy or consumer proposal in Kitchener, Ontario, Canada, or you filed a chapter 7 or chapter 13 bankruptcy in the United States, you will not have any unsecured credit like credit cards or bank loans.
At some point in the future you will want to buy a car, purchase a house, or perhaps help a child or grandchild pay for college or university.
How can you borrow again with a bankruptcy on your credit report? You can recover from bankruptcy if you tart a savings plan now.
Don't wait until the bankruptcy is over.
Start saving a small amount immediately.
Even it if it's only $15 or $20 each week, start the savings habit now; it's great practice for the future.
Next, put your savings in a high interest savings account.
As you earn interest your your money grows, which will give you even more incentive to keep saving money.
Use your savings to start an emergency fund.
Since you can't borrow when an emergency arises, make sure you have some money available (perhaps up to three months worth of expenses) in case you have emergency expenses.
Fourth, review with your trustee all of your duties during the bankruptcy process.
By completing all of your duties on time you increase the chances that your bankruptcy will end promptly.
While you are bankrupt, keep a budget each month.
Write down everything you spend money on.
Carry a pencil and a piece of paper with you wherever you go so you know where your money goes.
By keeping track of your expenses, you will find places to cut your expenses, which leaves more for saving.
If you follow all of these steps, you will turbo charge the bankruptcy process, finishing on time and getting back on track financially.
However, if you realize that personal bankruptcy is the only practical option for dealing with your debts, here are some tips to turbo charge the personal bankruptcy process so that you can finish the process efficiently, and get back on track as quickly as possible once you are discharged from bankruptcy.
First, use the bankruptcy as a fresh start.
Learn as much as you can about budgeting and personal money management so that you never repeat your past mistakes.
Analyze how you got into financial trouble in the first place, so that you minimize your chances of ever having financial problems again.
Second, start saving money.
Whether you have filed a personal bankruptcy or consumer proposal in Kitchener, Ontario, Canada, or you filed a chapter 7 or chapter 13 bankruptcy in the United States, you will not have any unsecured credit like credit cards or bank loans.
At some point in the future you will want to buy a car, purchase a house, or perhaps help a child or grandchild pay for college or university.
How can you borrow again with a bankruptcy on your credit report? You can recover from bankruptcy if you tart a savings plan now.
Don't wait until the bankruptcy is over.
Start saving a small amount immediately.
Even it if it's only $15 or $20 each week, start the savings habit now; it's great practice for the future.
Next, put your savings in a high interest savings account.
As you earn interest your your money grows, which will give you even more incentive to keep saving money.
Use your savings to start an emergency fund.
Since you can't borrow when an emergency arises, make sure you have some money available (perhaps up to three months worth of expenses) in case you have emergency expenses.
Fourth, review with your trustee all of your duties during the bankruptcy process.
By completing all of your duties on time you increase the chances that your bankruptcy will end promptly.
While you are bankrupt, keep a budget each month.
Write down everything you spend money on.
Carry a pencil and a piece of paper with you wherever you go so you know where your money goes.
By keeping track of your expenses, you will find places to cut your expenses, which leaves more for saving.
If you follow all of these steps, you will turbo charge the bankruptcy process, finishing on time and getting back on track financially.
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