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A Fresh Start: 5 Recommendations for Life After Bankruptcy
What happens now that your bankruptcy case is finished and you’ve received a full discharge? Declaring bankruptcy provides you with a fresh start, but you must approach this period with the appropriate mindset and objectives. Here are a few pointers to help you succeed.
1. Look at your credit report
You have the right to a free credit report from each of the three credit bureaus once a year. Pull your credit report from each bureau 90 days after you’ve obtained your discharge. Check your credit report to be sure your discharge has been recorded and that none of your discharged debts are still shown.
2. Make a list of your financial goals
It’s critical to consider your long-term financial objectives and how you want to achieve them. Being aware of your financial situation might help you avoid the bad habits that led to bankruptcy. Consider your financial goals, how you intend to rehabilitate your credit, and what long-term investments you want to make. Consider reminiscing about past financial missteps and devising strategies to avoid them in the future.
3. Maintain a positive attitude
It’s easy to become depressed when your bankruptcy is completed. You’ve already noticed how badly your credit score has been impacted, and you’re probably wondering if you’ll ever be able to recover. Remember that a lot of individuals have gone through bankruptcy before you and come out alive. Bankruptcy has nothing to do with your character or principles. It’s simply a decision you took in order to support your family. You can establish a bright financial future with time (and it won’t take long) and proper planning.
4. Make a financial plan
When you’re rebuilding your finances and your life after bankruptcy, you’ll need a budget. Spend some time putting together a very thorough budget. If you’re not sure how much you’ll make or how much you’ll spend, plan slightly less than you’ll make and slightly more than you’ll pay. This gives you a modest safety net in case of an emergency. Make sure to make room in your budget for savings. A well-managed emergency fund can help you avoid taking on needless debt.
5. Look at bankruptcy as a learning opportunity
Recommendations for life after bankruptcy, in general, is what you make of it. You’ll have a hard time recuperating if you look at it with shame and regard it as a defining moment in your life. You’ll have the correct mindset for financial growth and success if you think of it as a significant learning experience that has allowed you to develop healthy financial habits.
You don’t have to face your debt alone if it’s crushing you. To learn more about your options contact us.