There are many myths surrounding bankruptcy. One of the more prominent myths is that your finances will be ruined forever after filing. Fortunately, this isn’t true. It’ll take time and careful planning to manage them, but it can be done with a bit of discipline on your part. Filing bankruptcy gives you a second chance to handle finances the right way.

Debtor Education Course

In the state of Mississippi, everyone who files for bankruptcy – whether it’s Chapter 7 or Chapter 13 – is required to take Pre-Discharge Debtor Education Course in order to have their debts discharged. You may not relish the idea of attending this course, but it is to your benefit. It teaches your how to properly budget and manage finances. Pay attention in this class and take it seriously if you wish to have a healthier financial future.


Before you reach financial independence, you need to lay some groundwork. Calculate your monthly income and then subtract necessary expenses.  This term refers to rent/mortgage payments, utility bills, insurance, food, and gas (basically anything which is essential to living).

If you find some of your expenses exceed your monthly income, see what can be reduced or canceled. Things such as premium cable packages and gym memberships aren’t a necessity. You can exercise at home or a park for free, and you can find cheaper alternatives for entertainment.

Re-establish Credit

After you’ve been able to stick to your budget for a while, the next step is to start building your credit. You can either get a secured or unsecured credit card. Don’t go overboard though. Limit yourself to only one or two cards, and only use them on things you can afford to pay back quickly. If you can’t afford vacation on your own, then don’t use a credit card for it.

Now for some final words of advice. Be sure to pay all of your bills on time every month, and don’t make major investments if they’re not necessary (A new car or home isn’t necessary if there’s really nothing wrong with what you already have). For all your bankruptcy concerns, contact us at Bosserman Law.