Cutting Costs to Avoid Bankruptcy: Advice from Our Bankruptcy Lawyer

Before you commit yourself to filing for Chapter 7 or Chapter 13 bankruptcy, it is important to understand the other options that you have at your disposal. Often, individuals have many cost-cutting opportunities that they can take advantage of to avoid bankruptcy and get themselves back on the right track. Our bankruptcy lawyer lists some of these economizing tips below.


Even if you are one of those people who needs to have designer clothes, there are plenty of discount stores that offer them at lower prices. If you are on the verge of having to file for bankruptcy, shopping at stores like this is a great way to cut costs. Clothing is a necessity, but many people spend more money than they need to and this can put a sizable dent in your wallet.


Anything from going out to the movies to getting drinks can be considered entertainment and the cost can really add up. These activities are ultimately luxuries. Cutting down on them for a little while is a great way to save money and get closer to being financially stable.


Food is a big cost for everybody and it is necessary, but with high competition among grocery stores, smarter shopping is always an option. Take some time to find the best locations to buy your food and take advantage of flyers and coupons when you can – reducing your grocery bill can have a very positive impact on your monthly budget.  Eat out less often and brew your coffee at home.

Taxis and Uber

Taxis can be very expensive, so optimally you should use them only in situations where it is necessary. When possible, use public transportation or explore the possibility of car-pooling with friends, coworkers and the community. These alternatives to taxis, Uber or driving can save money and are easier on the environment.

Gym Memberships                                                                                        

Exercising at home can save you a lot of money. Walk more often and take the stairs. If you are in a long term contract that you are unable to break, ask if you can transfer it to another person, especially if you are unable to go very often. You can choose to spend more time outdoors and exercise at home to get the workout you want without paying the high gym membership price.
Filing for bankruptcy is a stressful, time-consuming process and perhaps it can be avoidable. With these tips from our bankruptcy lawyer, you may find it easier to do so. Take advantage of as many of these money-saving ideas as possible and you may be able to get yourself back on track. For more information about debt settlement, mortgage modification, bankruptcy or further questions, call William D. Schroeder, Jr. at 215-822-2728.