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There IS Life After Bankruptcy

Bouncing back from bankruptcy – while difficult – is definitely doable. In this article, we’ll talk about how you too can bounce back from bankruptcy.

Avoid the Scammers

We’ve all heard the “We’ll fix your credit” commercials; don’t fall for them! Trust us, there is no magic way of repairing your credit overnight. The only person who can legitimately repair your credit is you.

Build Up Your Savings

Paying yourself first by shoring up your savings is a fantastic first step to recovery. A good start is to commit to setting aside five percent of your net income towards your savings. With the popularity of online banking, you should be able to setup an automatic recurring withdrawal from your checking account into your savings account.

Make a Budget

Get a handle on where your money is going by tracking your expenses for a couple of months. Then, sit back and assess where you can make cuts. You’ll be surprised at what can be accomplished by simply cutting $20-$30 here and there.

Cash Only, Please

The beauty of paying strictly in cash is that you purchase only what you need. You are going to need to reestablish your credit for the future, so only use credit cards when absolutely necessary, and commit to paying off any balances at the end of every month.

Pay Your Bills On Time

Any bounced checks, overdrafts or late payments are going to show up on your credit report, so make sure your bills are paid on-time.

Stay On Top of Your Credit Report

Bankruptcy essentially gives you a clean slate and another chance at establishing good credit. It’s common to put off looking up your credit report for fear of what the numbers may look like, but you owe it yourself to make sure that everything on your credit report is accurate. You have the right to dispute any errors on your credit report, and the reporting agency is obligated to investigate any disputes free of charge.

Contact Us For Help

Bankruptcy is a serious step to take in one’s life. If you’re considering taking that step, you will definitely need the wise advice of attorneys skilled in bankruptcy law. Contact the attorneys at Statewide Bankruptcy so that we can talk with you about your options.    

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