Life After Bankruptcy in Broward County Florida
How to thrive after completing the Bankruptcy Process
If you are considering filing bankruptcy or preparing to file bankruptcy, you are probably overwhelmed with debt and are wondering whether there is any possible quality of life after bankruptcy. Filing for Chapter 7 or Chapter 13 bankruptcy is a difficult process for many individuals, but it is the first step toward a financially sound future. It is not the end of the world, and you will be better protected and equipped to rebuild your credit after the process is completed.
Obtaining credit in the future and receiving financial peace, however, is in your hands. Although bankruptcy lasts for up to 10 years on a bankruptcy filer’s credit report, there are actions you can take to begin rebuilding your credit score immediately.
By taking the following steps, your financial situation can quickly improve:
- Get a secured credit card – You will not likely be able to obtain an unsecured credit card for a while after bankruptcy; however, you can obtain a secured credit card, which will require that you make an up-front deposit before the card is issued to you. You can later convert this card into an unsecured card.
- Manage your credit post-bankruptcy – Filing for bankruptcy allows you to gain a fresh financial start in life. You are going to need to manage every dollar that comes in and goes out to ensure that you do not fall back into debt. By creating a smart budget and sticking to it, you can avoid future debt problems.
- Build up a savings account – After you have worked out a manageable budget, you can factor savings in and begin setting money aside for future needs. Before you know it, you can build up a substantial amount of savings as a buffer for emergencies or for retirement.
- Pay your bills on time – You will need to show future lenders that you have become a desirable credit risk by paying your bills on time. Do not fall into old habits after bankruptcy. You can take control of your finances by paying bills on time and living within your budget.
Contact The Butler Law Firm today for the expert legal assistance you need.
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