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There are thousands of people in the United States who have found themselves unable to pay their bills. As the days, weeks and months pass, instead of watching their debt decrease, they have watched it build until they finally decide that it’s time to address the issue. Chapter 13 bankruptcy is one way to get out of debt, but something as simple as creating a budget can help avoid bankruptcy, and should be considered. Creating a budget can help you avoid filing Chapter 13 bankruptcy by doing the following:
  • Giving you a clearer picture of your monthly income.
  • Giving you a clearer picture of your monthly expenses.
  • Helping you create a realistic repayment plan.
  • Helping you manage your money better.
When people hear the word “budget,” they may believe that it means they can’t spend money on the things they like. Although you do have to cut back on spending, being on a budget doesn’t necessarily mean that you have to stop doing or buying the things you love. You just have to be mindful of what you spend and ensure that you are saving enough money so you can pay your bills and avoid filing bankruptcy. Creating a budget may not work for everyone, especially if their debt has grown too large. At this point, you should look into filing bankruptcy to help you determine if it is the best way to deal with your debt. Those who are in need of assistance or have questions about filing Chapter 13 bankruptcy should contact an attorney, as they can be a great help during the process.