Bankruptcy Aftermath: Building the Perfect Budget After Your Phoenix Bankruptcy

Let’s face it—you will have your work cut out for you after your Phoenix bankruptcy case is over. You must figure out how to live with the assets you were able to keep through the process, you need to focus on rebuilding your credit as well as your life…frankly, life after bankruptcy sometimes stinks.

 

Ask any financial professional, though, and they will all tell you that there is one thing that you need to focus on above all else—your budget. A well-balanced and strict budget can help you solidify your current financial situation, as well as pave the way for a very successful future.

 

Now the only trick is to figure out a budget that works for you and your lifestyle without cutting out too much. The simplest way of thinking about a budget is just a spending plan that ensures your income can cover your expenses, but many people over simplify their expenses (for example, only counting monthly bills like rent, utilities, and approximate grocery bills) and neglect to factor in little things like buying lunch a few times a week, vehicle and home maintenance and repair, and clothing purchases. Even the most modest spender can be shocked to find how much they spend outside the “big three” of utilities, shelter, and food.

 

Remember, it is much easier to decrease your expenses than it is to increase your income. When you initially file for bankruptcy, you sit down and carefully calculate all of your expenses and income for the bankruptcy court, so this can be a great starting place for the outline of your budget. If you are considering filing for bankruptcy in the Phoenix area, give the Arizona bankruptcy lawyers at Curry, Pearson & Wooten a call at 602-258-1000 to discuss your future now.

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