The decision to file for bankruptcy is often stressful and time-consuming; However, once you’ve come to the conclusion that filing for bankruptcy is the most beneficial option, what happens next? Now begins the upward climb to financial freedom. Once you’ve attended the 341 meeting of creditors, you can now work towards getting your life back.
Getting Back On Track
Below are three tips to improve your situation:
1. Work: Luckily, filing for bankruptcy won’t prevent you from obtaining or keeping a job. In the eyes of the law, your employer cannot fire, demote, or reduce your salary after you file. It’s very important that you continue generating an income, so you will be able to pay bills on time. This will ultimately assist in your quest to improve your credit score.
2. Obtain a credit card: Rebuilding your credit after filing for bankruptcy is an important step. Beginning with a secured card, rather than unsecured, will most likely be your easiest form of entry into the arena of credit cards. Once approved, allocate a small amount of expenses each month to put towards the card, and pay the bill, in full and on time.
3. Budget: With this second chance, budgeting is essential to changing poor spending habits and moving forward in the most efficient way possible. Entering your monthly expenses into a spreadsheet is a great visual way to lay everything out. This will help you keep track of your spending, and will allow you to allocate a specific amount of money for miscellaneous areas such as birthdays or holidays.
View filing for bankruptcy as an opportunity to come back stronger and wiser than you once were. Using these tips as guidelines will provide a jump start to fix your financial troubles. Although it may feel like a long road, you will one day be financially free again!
Our bankruptcy attorneys serve the Lewisville, Mount Airy, Pinnacle, Winston-Salem, Kernersville, Clemmons, Advance, Lexington, Mocksville, Yadkinville, King, Walkertown, Thomasville, NC & the surrounding areas.
Contact us at Schollander Law Offices to help you through this stressful time.