Surviving Bankruptcy
Posted on Oct 10, 2009 12:53pm PDT
If you have recently filed for Chapter 7 or Chapter 13 bankruptcy, chances are that you feel relieved. However, you may also feel a bit fearful or unsure of what you should do next. The important thing to keep in the front of your mind is that you now have a chance to start over and, if you adhere to the following steps, you will be able to recover from your bankruptcy with ease.
1) Remember that you must pay your bills on time. This is very important as you will want to start rebuilding your credit as soon as possible. Paying your bills promptly is the best way to do this.
2) Know that in the future, your bankruptcy will be removed from your credit report. Bankruptcies stay on consumers' credit reports for 7 - 10 years and then are removed.
3) In time, you may be able to obtain a credit card. In the past, people who filed for bankruptcy were denied credit cards without a second thought. Now, credit card companies are a little more lenient and willing to give people the benefit of the doubt. However, your interest rate may be higher or your credit line may be lower.
4) If you get a new credit card, spend within your means and pay your bill on time. If you fail to do this, you could find yourself in a great deal of financial trouble. However, if you act responsibly with your credit card, you can rebuild your credit.
5) Meet with a financial planner or financial specialist. This will help you get full understanding of your income, debt and how to save. You can work with a professional to establish a feasible budget which will allow you to avoid getting too far into debt in the future.
If you would like to learn more about life after bankruptcy,
click here to find a bankruptcy attorney near you!