facebook-squarelinkedin-squaremenumobiletwitter-squareyoutube-square

What to Do After Filing for Personal Bankruptcy

What to Do After Filing for Personal Bankruptcy

What to Do After Filing for Personal Bankruptcy

Many people feel like absolute failures after filing for bankruptcy. Therefore, you may be surprised to learn that it’s actually becoming more and more common and that YOU’RE NOT ALONE.  Bankruptcy happens to the answer for many debtors who simply need a fresh start. Now, the question is, “what do I do now to ensure future financial health?”

The first thing to do is decide what made you have to go bankrupt in the first place and keep that from happening again by setting a budget in place or some other plan that can keep history from repeating itself. You may also want to set some goals such as paying off debt or rebuilding your credit. Good credit will take time to acquire but by paying off your credit cards monthly, your credit can dramatically improve in under a decade.

Probably the most important thing to do is think positively. It may be difficult to obtain credit after bankruptcy but it’s not impossible. Many lenders are willing to give people a second chance. Additionally, working with a professional who offers services to help with debt and finance can help you through the recovery process.

A professional can also help a debtor decide if Chapter 7 or Chapter 13 bankruptcy is best for them. So, if you’re currently deciding whether to file for bankruptcy contact a professional today. Chapter 7 bankruptcies can be resolved in months whereas Chapter 13 bankruptcies allow debtors to set up a court-ordered payment plan. Plain and simple, bankruptcy can be the best way for a debtor to regain control of their financial life and get a fresh start.

Additional Financial Resources:

Better options than a huge down payment

How long will a bankruptcy keep me from buying a home?

8 Smart Money Moves to Make Now

Are All Debts forgiven in bankruptcy?

How do I Start a Bankruptcy?

Is Bankruptcy Embarrassing?

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • How Bad is Bankruptcy Really?

    How Bad is Bankruptcy Really?

    Filing for bankruptcy means telling the judge that you cannot pay off your debts. After this is done, the court checks your assets and liabilities then decides if you are eligible to have your debts cancelled or discharged. If it is seen that you have no means to pay back, they let you declare bankruptcy. […]Read More »
  • What Do You Lose if You Declare Bankruptcy?

    What Do You Lose if You Declare Bankruptcy?

    Before you finally go to the judge or court to file for bankruptcy, the major worry to have is what you stand to lose. It might be your house, property, a potential job, or client as the record of your bankruptcy is available to public access. Bankruptcy is the last resort when the debt starts […]Read More »
  • How Far Behind Do I Have to Be For Mortgage Forbearance?

    How Far Behind Do I Have to Be For Mortgage Forbearance?

    Under normal circumstances, there are policies owned by all lenders, and that is what you should be working with. However, if you are finding it difficult paying you mortgages either due to lose of job or increase in costs. There is a 15-day grace period, and if you are able to meet up and make […]Read More »
  • Can I Claim Forbearance 4 Months Into COVID-19?

    Can I Claim Forbearance 4 Months Into COVID-19?

    The whole world is facing a pandemic that is not just making life different for all of us but it is equally causing major financial problems for some individuals. Individuals and countries are facing financial hardship in this coronavirus crisis. Forbearance is when your lender or mortgage servicer allows you to temporarily pay your mortgage […]Read More »