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2425 South Linden Road, Flint, Michigan 48532
$0 Initial Fee Chapter 13
810-275-0608 810-275-0608

Steps to Bankruptcy Recovery

Our Flint bankruptcy attorneys at George E. Jacobs & Associates have helped numerous clients deal with bankruptcy and lead successful lives afterward. Here are some suggestions:

  • Create a financial plan/budget. Keep track of income and expenses and make a payment plan that you stick to every month. Consider your priorities—pay off older bills first, cover basic living expenses, and pay bills regularly.
  • Set up a savings account. Allot money regularly to your savings account, designating some money for an emergency fund. This prevents emergencies from interfering with your budget. When feasible, use savings for larger purchases to avoid paying interest.
  • Repair your credit. Review your credit report and clean up any errors. Credit reports are not always accurate and you can dispute wrong information.
  • Get a secured credit card. A secured credit card requires a deposit. Ensure interest rates are reasonable and pay off the balance every month. Ensure the secured card reports to the three main credit bureaus. This helps rebuild your credit.
  • Make wise purchases. Live modestly and do not purchase unnecessary, exorbitantly priced items. You can dig yourself into a hole without realizing it by spending beyond your means.
  • Do not borrow money. Adopt a policy that you earn money before spending it. Borrowing means paying interest and makes purchases more expensive. Even when intending to build up credit, you can pay off a bill without paying interest.
  • Make regular student loan payments. Paying a student loan monthly and on time helps rebuild your credit. It also establishes good financial habits.
  • Steer clear of repeating the same financial mistakes. If credit card use led to bankruptcy before, pay off your balance regularly or do not use credit cards. If unexpected health problems dragged you into debt, keep your emergency fund in good shape. Take steps to prevent making the same mistakes.
  • Deal effectively with employment interviews. Do not let bankruptcy be a black mark during a job interview. Explain how you corrected your mistakes and are now in better shape than others struggling with debt.
  • Take a positive view. Stay positive about your ability to manage finances wisely. Many financially famous people at one time filed bankruptcy—Donald Trump, Walt Disney, and Henry Ford, to name a few.

Contact a Flint bankruptcy attorney

If you have debt problems, contact the Flint bankruptcy attorneys of George E. Jacobs & Associates to arrange a free initial consultation.