A customized financial plan could be the solution you are looking for when dealing with financial problems. Not only can a financial plan potentially help you escape your financial crisis, but an effective plan can also help you organize your finances. You might find yourself moving closer to your financial goals than before. Talk to a Chattanooga bankruptcy lawyer to start this process today.
Creating Your Customized Financial Plan
Creating a customized financial plan involves multiple steps. The first step is more about guiding the creation of your financial plan. This involves assessing your current financial situation and developing a list of financial goals. Without a vision of where you want your finances to be, creating a financial plan can be difficult.
Start by adding up your total monthly expenses and subtracting these from your monthly income. Use this information to make a list of realistic financial goals based on your monthly finances. Do not hesitate to be as detailed as possible by including the cost of each financial goal and when you would like to accomplish each of them.
For each goal, list out the steps required to achieve them. Be as practical as possible. Listing unachievable steps may just lead to frustration and giving up. Your financial plan can be revised or changed at any time, especially if unexpected financial changes come up. You have the option to test out and modify your plan over time.
An effective financial plan involves a budget. Creating a budget plan involves subtracting your monthly expenses from your monthly income. If you are not saving as much money as you need for your goals, make a list of necessary and unnecessary monthly costs. Ask yourself which unnecessary costs you cut from your monthly spending.
It can sometimes be helpful to overestimate your monthly expenses and underestimate your income. This creates a financial cushion for unexpected financial changes.
How a Lawyer Can Help with Your Financial Plan
An experienced lawyer might be able to help you with creating your customized financial plan. This is especially true when filing for bankruptcy. When people file for Chapter 13 or Chapter 11 bankruptcy, they are required to create and agree to a new payment plan for existing debt.
A lawyer can guide you in developing your bankruptcy financial plan to increase your chances of success. The court must approve this plan for your bankruptcy case to be successful. Filing for bankruptcy also requires going through credit counseling, which may also involve creating a custom financial plan.
Once hired, your lawyer can help you find the right credit counseling agency and with creating a financial plan. A lawyer can answer any questions or concerns you may have about this process.
Contact Tom Bible Law for Legal Aid
You may not have to go through your financial dilemma alone. Feel free to contact us at Tom Bible Law today at (423) 424-3116 for a consultation about your financial options. Our legal team of Tennessee bankruptcy attorneys is ready to help you explore various options for bankruptcy. We are located throughout the Tennessee cities of Chattanooga and Tullahoma.