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Planning a Budget to Avoid Bankruptcy

Home » Planning a Budget to Avoid Bankruptcy

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Financial troubles are common these days. In a recent survey it was found that 76 percent of Americans live paycheck to paycheck, according to CNN. Fifty percent have less than a three-month cushion to live on in case of an emergency, while 27 percent have no savings at all. This presents a huge risk if a medical emergency pops up, a job is lost, or even if a family has an additional child. You can avoid bankruptcy with strategic savings and strict budgeting. If you need financial advice of any kind or are considering filing bankruptcy, contact an experienced attorney today.

Make a Budget and Stick to It

Find out what costs your basic needs require and do not spend over that amount. To do this, factor in the cost of your house, condo, or apartment. This should include your mortgage, HOA fees, rent, and/or property insurance. Make sure to account for utilities such as heating, water, etc. Decide how much you can reasonably spend on food every month and stick to that without eating out. Budget your transportation fees as well. The average American family spends 19 percent of their income on transportation (i.e. cars), according to the Federal Highway Administration. Cars, trucks, SUVs, and other larger motor vehicles are expensive; so too are the costs of their upkeep, fuel, and insurance. Consider opting for public transportation, a bike, walking, or even a motorcycle or scooter. When planning a budget, not all of your income should be used every month, as described below in more detail.

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Take Out Part of Each Paycheck for Savings

In order to complete your budgeting, you have to account for three types of savings. The first and most important thing to save for is retirement. Roughly 10 to 15 percent of every paycheck should be put into long-term savings for retirement. The second savings you should consider is for emergencies, such as loss of employment. Go back up to the budgeting step and take out all luxuries such as cable, internet, and coffee. Find the number that would be the bare minimum for your family to survive on and save 25 to 50 percent of that each month. By doing this you can build some security within the short-term future. If you are able to make this happen, within a year of saving you should have enough to live on for three to six months in the event that you lose your job. The last thing that you should be saving for is for unexpected events or planned “treats,” such as vacations, home repair, car repair, weddings, new clothing, electronics, or sports equipment. To save for these items, decide how much they will likely cost and how long you want to save for them, and take the appropriate amount out of each paycheck for them, after you have taken out retirement and emergency funds. In order to save for these things without going into serious debt or getting a new credit card, you will have to make budget changes elsewhere.

Georgia Bankruptcy Lawyer

If budgeting fails and you are unable to climb out of crippling debt, it may be time to contact an attorney. Bankruptcy may be the best option for individuals or families that can no longer continue with their struggle with debt. The first and most important is to budget and save for the future. If you have already taken the following steps to a degree and have had no success, contact an experienced Georgia bankruptcy attorney at the Law Offices of Roger Ghai, P.C. today to discuss your options.

 

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Janice: Good afternoon Atlanta and welcome to News & Talk 1380 WAOK. This is Janice Mathis and we’re here this afternoon and every Sat. afternoon at 1pm to talk with one of our lawyers who’s

Difference Between Chapter 13 & Chapter 7 Bankruptcy – March 2010 Talk Law Radio Show Transcript

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The Chapter 7 trustee objected to Mrs. Goulakos’s claim of exemption because she did not live in the house and because she was not the one who claimed the homestead exemption under Massachusetts

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    Can Creditors Be Sued For Trying To Collect Debt After You File For Bankruptcy

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      • ABOUT
        • Testimonials
        • Join Us
      • Practice Areas
        • Personal Injury
          • Pedestrian Accident
          • Car Accidents
            • Speeding Accident
            • Drinking and Driving Accidents
            • Left Hand Turn Accident
            • Rear-End Collision
            • Reckless Driving Accident
            • Uber Accidents
            • Hit-and-Run Accidents
            • Texting and Driving Accident
              • Texting and Driving Under 18
          • Truck Accident
            • Lane Usage Accident
            • Traumatic Brain Injury
          • Product Liability
            • Defective Drugs
            • Defective Medical Device
          • Premises Liability
            • Slip and Fall Accidents
          • Wrongful Death
          • Dog Bite
        • Bankruptcy
          • Debt Relief
          • Credit Card Debt
          • Chapter 13 Bankruptcy
          • Chapter 7 Bankruptcy
          • Foreclosure Bankruptcy
          • Free Legal Case Review
          • Medical Bills Bankruptcy
          • Rebuild Your Credit
          • Wage Garnishments
      • Areas We Serve
        • Kennesaw Personal Injury Lawyer
          • Kennesaw Bankruptcy Lawyer
        • Acworth Personal Injury Lawyer
          • Acworth Bankruptcy Lawyer
        • Marietta Personal Injury Lawyer
          • Marietta Bankruptcy Lawyer
        • Smyrna Personal Injury Lawyer
      • FAQs
      • Blog
      • Videos
      • Contact