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Is it possible to stay debt free after a bankruptcy?

When people get into trouble with their finances, it is through either a series of missteps or a catastrophic event. Many New Jersey residents file for bankruptcy in order to obtain a clean slate to start over financially. The question then becomes how to stay debt free.

People who live debt free are able to look beyond the coming week and the next month. When debt is overwhelming, it is difficult to look beyond what is needed to get through each month. Without ongoing financial obligations, people have the opportunity to decide what they want to achieve financially and create a plan to get there.

This requires budgeting, saving money and learning how to say no to temptations such as new credit cards or unnecessary purchases. Building a savings account for life's emergencies or for a particular purchase might eliminate the need for credit cards all together. Those who live debt free -- but have a credit card -- will often have it for convenience and do not charge any more than can be paid off at the end of the month. People who live without debt are always aware of their financial situation and check their statements and budgets often to make adjustments or deal with errors as needed.

During the recession, far too many people were forced to survive using credit cards whose balances quickly became unmanageable. Now that the economy is turning around, those balances and other unwieldy debts are still lingering. Many New Jersey residents may benefit from filing for bankruptcy to get rid of those debts. Once the slate is wiped clean, an individual can start over financially and work toward the dream of being debt free.

Source:, "5 Critical Habits Of Debt-Free People", Shirley Pulawski, April 4, 2014

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