When Can I Break My Financial Plan?

When Can I Break My Financial Plan?

Life is often unexpected and can bring financial disasters, emergencies, and drastic changes. Of course, this means that not every financial plan will go as planned. You can try to prepare as much as possible but still not be fully prepared when a major financial loss strikes. These are times when a financial plan might have to be broken or readjusted. However, if the financial loss is severe, you may want to talk with a Tullahoma bankruptcy attorney about options.


A number of unexpected financial hardships and disasters can disrupt a financial plan. Some of the most common financial hardships include job loss, major health problems, reduced work hours, business failure, divorce, and the loss of a loved one. Each of these can impact people in varying ways.

For example, temporary medical problems could lead to temporary medical bills. Whereas a major long-term medical condition could lead to ongoing medical bills that require major lifestyle changes. Job loss may be temporary if the person has other jobs lined up or job loss could last months or years.

Some divorces leave ex-spouses with enough child support and division of finances to regain their financial independence. Other divorces could leave an ex-spouse with little to no financial help to survive on top of raising children. Financial options may feel limited during these times and plans may change.

It can be disheartening to have solid financial plans you felt confident in fall apart with a single incident. Knowing what to do when this happens is not always easy. However, there are ways to recover and readjust your financial plans.


Recovering from disrupted financial plans is not impossible. What generally makes up a financial plan is balancing spending with income, saving, and building to financial goals. Financial plans vary wildly from person to person. They might be made of several financial goals like saving money for retirement, building an emergency fund, and paying off a loan.

Even if your financial plan is significantly disrupted, you have the option of modifying your original plan or creating a new financial plan. Start by assessing the damage that was done to your plan. Figure out how far off track your plan is, how much money you were offset by the disaster, and whether your plan can be adjusted.

If your plan cannot be readjusted, you may have to start creating new financial plans, which may require letting prior goals go. This is the time to be realistic and ask yourself if you can pursue the same financial goals given your new situation. Once you determine your new financial situation, limits, and options, you can create new financial goals.

Use these financial goals to guide your outline for your new financial plan. Break down this plan into practical steps with deadlines and backup plans if things go wrong.


Going through the complexities of bankruptcy alone can be daunting. Do not hesitate to contact us at Tom Bible Law by dialing (423) 690-7712 for a consultation today. Our team of Tennessee bankruptcy lawyers is prepared to help you find the best bankruptcy options for you. We serve clients in the Tennessee cities of Chattanooga and Tullahoma.