Credit And Finances After Bankruptcy

: Chris Lee Law Firm

  Filed under: Bankruptcy

life after bankruptcyIf you have recently completed your bankruptcy case, congratulations. You have taken an important step to resolving your financial troubles. While not everyone will need bankruptcy to get back on track, it certainly can be a valuable tool. However, your work is not finished yet.

Starting Fresh

The first thing you should do is look at your finances and spending habits. Even if your financial trouble came about through unforeseen circumstances, chances are you could still learn a thing or two about money management. The information given to you in the credit counseling course is a great way to start. Set a budget, track your spending, avoid using credit cards for unnecessary spending and prioritize saving. These are all habits of a smart money manager.

While bankruptcy doesn’t damage your credit, your experience with debt and default accounts did. Therefore, you must work to rebuild your credit.  Check your credit report for accuracy and be sure to have all of your accounts updated after the bankruptcy discharge. Consider one small line of credit that you can maintain a manageable balance on for several months. Keep your total debt balance below 40% of the overall spending limit. Make timely payments and stay consistent for six to twelve months. This will give you a head start to a great credit score.

 

 


Are you a candidate for bankruptcy?
Would you like to find out if bankruptcy is the right option for you? Try our Free Online Bankruptcy Evaluation. 4 easy steps to see if bankruptcy could be the right option for you!
  • Step 1
  • Step 2
  • Step 3
  • Step 4
Please Select Each Box That Applies To You
Creditor Harassment
Loss of Income
Foreclosure
Disability or Illness
Current Expenses
Auto Loans
Credit Cards
Medical Bills
Payday Loans
Do you have any additional information you would like to share?
Contact Information