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 back–burner 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.