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Stay On The Debt Free Road After Filing Bankruptcy

Making the decision for filing bankruptcy is a difficult one for many people. It is in many ways like the “proverbial” fork in the road. One individual can choose the path that leads to better financial decisions resulting in a more prosperous future being debt free once they have received their bankruptcy discharge, while another individual will repeat the same mistakes that landed them in the same financial trouble making them no better off than before they filed bankruptcy.

After filing bankruptcy many people realize that it is essential to handle their finances much differently than they did prior to filing bankruptcy. That is why it is crucial to get good financial advice after the bankruptcy is completed. Since the changes to the bankruptcy code back in 2005, it became mandatory for all debtors filing bankruptcy to take a credit counseling course as well as a financial management course to receive their discharge. This was certainly a step in the right direction to educate debtors about budgeting and their finances. People should not only embrace the court ordered financial management courses but actually really learn from them and apply the valuable information into their new financial start.

There are also many other sources for financial advice post bankruptcy filing. The first source of information should come from the debtor’s bankruptcy attorney that helped them file bankruptcy. They can offer a wealth of information if the debtor will only ask for assistance. An experienced bankruptcy attorney can also recommend reputable companies that they have dealt with in the past that can offer further ongoing financial advice post bankruptcy. Many times just realizing that the debtor needs to change the way they view spending and using credit can make all the difference in the world. If they are realistic about their finances and strictly adhere to their budget living more modestly, they will be surprised how long they are able to live debt free.

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