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As of May 29, 2020, Dauphin County, where our office is located, has moved from Red to Yellow status. Our office will re-open on June 1, 2020. Until further notice, Stay Safe Guidelines will be followed, including safe social distancing (6 feet), cleaning after each client and the wearing of masks by employees and clients at all times while in our office. People who are ill and those without masks will not be permitted entry into our office.

Improving financial habits for a better post-bankruptcy outcome

Bankruptcy has helped and continues to help Harrisburg area residents get out of debt. Whether you are considering it to help you overcome some major and unexpected medical expenses or to regain a solid financial footing after losing a job, it is not the only thing you must do to benefit from it. 

By law, you can file for bankruptcy multiple times. However, it is best as a necessary and last tactic resource. Take some time to consider additional steps you can take to improve your credit and keep your finances under control after bankruptcy

Evaluate spending habits 

There are many issues that could have contributed to your financial situation. Identify what they are and make a plan to deal with them. For example, if you kept overdrafting your bank account or going over your credit card limits, you might be living beyond your means. Eliminating non-essential expenses can reduce your monthly spending and help keep you from overspending in the future. 

Create a plan 

Having a goal can make it easier for you to track your financial habits and hold yourself accountable. Start off by setting and writing down several financial goals for yourself. Each goal should be more challenging than the previous one. 

Open a savings account 

In addition to having monthly financial goals, you should have a set amount of money to stash away into a savings account every month. If you do not already have a savings account, shop around for the best credit union or bank. An account that offers the best interest rate and least maintenance fees is ideal. Also, you might want to look into money market accounts and other financial products that can help you to establish a financial safety net for unexpected expenses. 

Ideally, you should work on improving your financial situation before you emerge from bankruptcy protection. Afterward, you can work on using your new financial acumen to avoid financial trouble in the future.