5 Ways to Save Money Before and After Bankruptcy

There is a huge leap in the number of people filing for bankruptcy due to severe economic meltdown. You might have drained your savings due to extravagant lifestyle and unable to pay your monthly bills on time due to cash crunch that can be the cause for people filing for bankruptcy. But are you aware that hiring a bankruptcy attorney along with the court fees can make the bankruptcy filing too expensive? There are few ways by which you can save money in order to pay the lawyer and court fees. Through this article you might know ways to save money by diminishing the cost before and after filing for bankruptcy.
Steps to save money before and after filing bankruptcy?

1. Deposit money in the savings account:
You need to create a budget for your personal finances as soon as you enroll with a law firm. Keep aside a specific amount of money that you have planned to deposit in your savings account. With the arrival of the pay check put aside a fixed amount for your savings account. Therefore you won’t get tempted to spend the money for other purpose. One you have deposited the amount make sure that you do not take it out.

2. Avoid extravagance:
The best thing you can do is to avoid being extravagant therefore purchase things that are bare essential. If you can’t afford branded clothes right now then keep your plans on hold instead look for non branded attires that might be at affordable rate as well as trendy. Evaluate your budget plan and check where your money is draining. Locate the items that are primary targets on the list while you review your budget.
3. Choose cash over credit card:
The bankruptcy attorney’s would ask you to increase the use of cash rather than plastic money. They might even suggest you to instruct the credit card company to close the accounts. After filing for bankruptcy avoid applying for new card or plan to re-open the account. Use your credit card only if you come across emergency. The vicious cycle of minimum payment might entrap you into debt again.
4. Get things in whole sale rate:
When you purchase items on whole sale rate they would help to save a good amount of cash than buying an item. When you plan to buy stuffs in bulk ensure that you stick to the basic items. The offers at shopping malls might be pocket friendly.
5. Do things yourself:
Things like mowing the land, walking the dog, can be easily done by you therefore avoid appointing anyone for these works. Ask one of your family members to help you, in this way you can save a hefty amount. Be smart by investing your time than money.