Tymar Financial Solutions- Seminar- After Bankruptcy

concept of bankruptcy


After filing bankruptcy the first thing to do is KEEP IT REAL. Managing and maintaining financial well being has failed. Everyone hits a pot hole at some point in time. The biggest problem occurs when eyes are shut on the cause of the crisis situation. Upon realization of that fact, recovery is the next phase.

Step One- Acknowledge the root of the problem.  Loss of income, disability  or death of a spouse in most cases are reasons beyond control. The responsibility is to realize dramatic changes and make necessary adjustments to accommodate them. Shortage of income warrants an adjustment in life style accordingly…….Cut back.


Step Two- Same as step One. Make critical lifestyle changes. Fine tune the budget, search for solutions to lower costs. Small and large financial binds can possibly be eliminated by bag lunches, put off eating out, cut down or eliminate cable, change furnace filters regularly, set your thermostat and forget it. Avoid looking at sales brochures and catalogs.

If confronted with major debt or major drops in income, drastic cuts are warranted. If buying a home, selling it could be an option and moving to a more affordable home. If other costly assets are out of reach, sell them. Have two cars? Now would be a good time to sell one. Make changes, avoid procrastinating. The sooner it’s done the sooner to rebuild.

Step Three- Don’t avoid calling creditors. Make calls and advise the creditor of financial hardship. It will be good to request a lower interest rate and a waiver of late fees. If appropriate funds are available a settlement offer could be an option. Creditors want to be paid and generally try to remedy the situation.


Step Four- Pay yourself first. If a dollar is earned, save one third. Every hundred dollars earned, save at least $33.00. When the minimum is obtained for a money market account or Roth IRA, SAVE! As finances improve save 40%. Continue to save as much as you can. Keep in mind this is not coincidence money but SAVINGS. Maintain on the focus of recovery.

Step Five.  Register for Winning the Race. Construct a personal business plan. After all, a household is a business. Dare to dream. Recovery from bankruptcy is the beginning of change. Diligently focus on the dream of financial freedom and seek professional assistance to shape the future.

Morning at home