How Can I Make the Most of My Clean Financial Slate?

If you’re struggling to pay down debt that only seems to be increasing with every passing month, declaring bankruptcy could provide the fresh start that you desperately need. Since there are drawbacks to filing, though, it is essential that you make the most of your clean slate so you never find yourself in the same precarious financial position again.


Ultimately, you should not go into bankruptcy proceedings with the intention of merely restoring your financial health. Rather, you should aim to improve it so you can eventually get in a better financial position than you ever were prior to filing.

If you are considering filing for bankruptcy and you want to learn more about the advantages and drawbacks, contact the Law Office of Stuart M. Nachbar. Mr. Nachbar offers assistance with debt consolidation, chapter 7 bankruptcy, chapter 11 bankruptcy, chapter 13 bankruptcy, and other debt-related matters. Call 973-567-0954 to schedule a consultation with a chapter 7 bankruptcy attorney in New Jersey.

Read on to learn how you can make the most of your clean slate following bankruptcy:

  1. Assess Your Spending and Savings Habits

According to USA TODAY, medical debt is the number one cause of personal bankruptcy filings in the United States. Divorce is another common cause, and neither of these contributors is entirely in your control; however, if factors that are in your control caused you to accumulate an excessive amount of debt—like spending far beyond your means—make a concerted effort to avoid falling back into the same habits.

Assess your current income, financial obligations, discretionary spending, and savings habits to determine if and where you need to make some adjustments. Then, devise a reasonable budget that does not require or allow you to carry a balance on your credit card from month to month.

  1. Let Go of the Guilt and Shame

Are you embarrassed by your situation? Do you feel guilty that your spending habits threatened your family’s financial situation?

Guilt and shame are common emotions following bankruptcy, but you need to let them go. You may have gotten your family into a tight spot, but by declaring bankruptcy, you were able to own up to your mistakes and get them out of it, too. Now, it’s all about making the most of the fresh start, and holding on to negative feelings will only inhibit you from doing so.

  1. Monitor Your Credit Report

Most people are surprised to learn just how quickly their credit score bounces back after declaring bankruptcy. Review your report after filing to make sure it does not contain any inaccuracies, and then check your score periodically so you can see the fruits of your hard work. Every time you see your score increase, it will confirm that you’re making smart financial decisions.

If you want to explore your debt relief options, contact the Law Office of Stuart M. Nachbar. Mr. Nachbar will help you eliminate your financial burdens and will work hard to get you on the road to a fresh financial start.

Call 973-567-0954 to schedule a consultation with a chapter 13 bankruptcy lawyer in New Jersey. You can learn more about bankruptcy proceedings by visiting





By |2017-08-31T20:42:38+00:00August 24th, 2017|Bankruptcy|0 Comments

About the Author:

I have been representing clients of all types for over 20 years, working with personal injury clients, representing people before numerous Municipal courts throughout Bergen, Essex, Morris, Union, and Passaic Counties and assisting persons in the Superior Court in complex litigation throughout the state.

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