Budgeting & Bankruptcy

Budgeting is a big part of bankruptcy.  You have to set your monthly expenses and stick to them, with a bankruptcy trustee to oversee your every monetary move. Bankruptcy is not the end of the world, but it is not necessarily the only resolution to your financial problems.  Depending on your situation, you may have other legal choices available which could bring you a better benefit.  You are not going to see those possibilities if you file bankruptcy yourself or pay a non-attorney service to fill out the forms for you. There are long-term consequences you need to know and understand before you file, plus there may be a better option for you, depending on your circumstances.  You would not take chemo if you did not need it.  Why file bankruptcy if another resolution will bring you a better outcome?  Seek competent legal counsel to discuss your specific situation and to help you decide if bankruptcy is the right choice for you. In the meantime, if you are trying to get a head start on your new year’s resolution towards better wealth management, the Federal Trade Commission has a free online budget calculator to help you balance your monthly expenses […] Read More

Holiday Budget

Holidays can be hard on your good spending habits.   Generally, you do not want to max out your credit cards or open new lines of credit when you are trying to build credit (as for a home, auto, or student loan in the near future).  Minimize the holiday hangover on your credit card bills by building a budget. A budget can help you stay on track for your spending and saving goals.  If you can talk, text, and wrap presents, you can make a budget.  The Florida’s Chief Financial Officer Jeff Atwater has a free online holiday budget calculator at http://www.myfloridacfo.com/YMM/Calculators/Holiday.aspx. …And remember to pay your bills on time every time.   Read More

Credit-Building New Year’s Resolutions

The spin cycle of revolving credit goes something like this:  you spend what you do not have on items you cannot afford, so you charge purchases on a credit card where your debt racks up large interest fees.  You can break the cycle and build better credit with these simple New Year’s resolutions: Pay your bills on time every time No new credit – do not open new credit accounts or take out new loans Pay down large balances Make a budget and stick to it – you can use the free online budget provided by the Federal Trade Commission at http://www.consumer.ftc.gov/articles/pdf-1020-make-budget-worksheet.pdf May you have a prosperous new year! Read More

Budgeting & Bankruptcy – Online Budget Calculator

Make your own budget (before a Bankruptcy Trustee makes it for you).  If you have not already filed bankruptcy and hope not to, a budget can help you stay on track for your spending and saving goals (it does the same thing after you file for bankruptcy as well).  The Federal Trade Commission has a free online budget calculator to help you balance your monthly expenses with your monthly income: http://www.consumer.ftc.gov/articles/pdf-1020-make-budget-worksheet.pdf. Bankruptcy is all about budgeting—it is your monthly expenses times your future.  While Bankruptcy has gained popularity in these economic times, there are long-term consequences to know and consider.  Seek competent legal counsel to discuss your specific situation.     Read More