Bankruptcy Attorney | Create a Budget to Get Out of Bad Debt


Bankruptcy Attorney  | Did you make any resolutions this year? Many people plan to shed the extra pounds that are dragging them down – but does that include weight from your bad debt? It’s amazing how heavy a maxed out credit card can feel! If you want to shed your debt weight, get out of debt and improve your financial health, read on.

How to Get Started with Shedding Your Bad Debt Weight & Get Out of Debt

  • Take stock of your obligations: list how much you owe and how much interest you are paying. Seeing it all in black and white can be strangely motivating.
  • Prioritize your debts: mortgage and vehicle payments are typically at the top of the list.
  • Track where you are currently spending your money. Before you can make any changes, you need to identify what you can change.
  • Create a budget. Without a personal budget (spending plan), it is impossible to live within your means.
  • Develop a realistic debt reduction plan; consider:
  • where you can trim expenses
  • if you can generate some extra income
  • if you should suspend regular investment contributions while you’re paying down debt
  • if you can consolidate your debt at a lower interest rate, without incurring more debt
  • if you need assistance to consider your options and develop a plan that will work

Looking Ahead to Stay Out of Debt

Over the long term, debt will drag you down. The interest and fees you pay will only grow. The more you spend to service your debt, the less money you have available for what’s important to you. Dropping your bad debt weight sooner than later is easier than dragging it around with you!


Our office can assist you in determining whether bankruptcy is the right choice for you, and which chapter under the Bankruptcy Code would provide you with the most relief.  To schedule a free consultation with a knowledgeable Bakersfield bankruptcy attorney about filing a Chapter 7 bankruptcy in Kern County, please call our office today at 661-888-4335 .