Plan to Be Debt Free

: Chris Lee Law Firm

  Filed under: bankruptcy_blog

The last twelve months have been one of unexpected events and outcomes for many families. A turbulent economy, unexpected challenges in careers, and the loss of the comforting sense of status quo have all presented unique challenges to daily life. In times of uncertainty, it is more important than ever to keep a close hand on your financial habits and not use a backburner approach to managing your debts.

Outline Your Goals

The first step in any plan to resolve a barrier, financial or otherwise, is to outline your goals.

List Your Debts

Make a tabulation of your monthly payments and amounts owed on each debt.

List Your Income

Make a list of all of your income sources and categories, and then calculate your monthly disposable income. This is the income you have available each month after tax are taken out.

Calculate Your Budget

Take your disposable income and allocate it to each of your debts. Determine how much you can pay towards each debt per month, and how long it will take to pay off.

Pay Off Your Debts

Pay off the debts according to the order you have determined.

Establish a Plan for the Future

Once you are free of the debt, determine whether you have the means to continue to pay your bills comfortably, or if you will need to adjust your budget, or find ways to increase your income. By thinking carefully about your situation, you can avoid further financial difficulty and put yourself in a position to continue to move forward with your goals.

For more information about finances and how to get out of debt or avoid foreclosure, contact our Fort Worth bankruptcy lawyers today.

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