Life After Bankruptcy
You just filed bankruptcy. You’re experiencing the sense of relief that comes from having your debts discharged. Creditors stop calling. Your mailbox is free of final notices. The stress and worry over unmanageable debt is a thing of the past. The next step is to rebuild your credit. These tips for “life after bankruptcy” should help you avoid future debt problems and regain your credit rating.
Creating, and sticking to, a budget is one key to staying on financial track. Determine what expenses are necessary and what you and your family can do without. There are websites and smart phone applications that can assist you in creating a budget or even print out applicable coupons. By laying out a specific budget, you can take better control of your finances and save money for the future.
While it might sound obvious, beginning to save money is a great way to stave off future bankruptcy. Start a savings account and delegate a certain percentage of your pay check each month into this account. If you are spending what you have, you are less likely to spend on credit. This can make all the difference should a difficult situation or emergency come up in the future. Saving also helps you discipline yourself when it comes to spending. If you haven’t saved the money for a certain item now, wait until you have. Impulse buying is one of the main reasons people find themselves filing Chapter 7, so a little restraint can go a long way.
Obtain a secured credit card
Another way to rebuild your credit is by obtaining a secured credit card. When you open a secured credit card, you will make an initial deposit which will act as your secured credit limit (usually about $500.00). Using the card sparingly and paying it off completely each month will help to rebuild your credit.
Make sure your credit reports are accurate
You need to be diligent about monitoring your credit reports. Some creditors and lenders are not quick to update the status of your accounts. Please make sure that they are reported as included in your bankruptcy and discharged.
Educate yourself on credit reporting
What helps build credit? What has a negative impact on your credit? Spending some time on websites like www.creditboards.com will provide you with the information and resources to boost your credit scores in a shorter amount of time. Attorney Swanson can direct you to a number of other websites and books that will help you achieve your credit goals.
Life after bankruptcy – it is a fresh start – so
Let the Law Office of Matthew C. Swanson Help You Today
If you are contemplating bankruptcy, you can’t afford to pass up a free consultation about filing with an experienced bankruptcy attorney. Contact Attorney Swanson today.
The Law Office of Matthew C. Swanson services all of Plymouth County, Bristol County, Norfolk County, and Barnstable County.