It is not a simple choice, but for many it is the best option. The bankruptcy code was created to aid individuals. You should not feel guilty about using it. So many individuals are situated in these circumstances through no fault of their own. An unanticipated illness, job loss, or accident can position families in dire financial straits. This article discusses how to make the most of a fresh start following bankruptcy.
It is correct that bankruptcy will remain on a person's credit report for seven to ten years, depending on the chapter filed. It is true that initially it may be difficult to obtain loans and credit cards. However, this is not the end of the universe. In fact, if handled properly, the negative effects of bankruptcy will promptly begin to diminish and will be nearly eliminated within a few years. In this first part of a two-part article, we will examine some of the steps you can take after filing for bankruptcy to begin rebuilding your credit and, more importantly, your future.
Learn to live within your means first. If you filed for Chapter 7 bankruptcy, all unsecured debts have been discharged and you have no debt. If you have registered for chapter 13 bankruptcy, you are on a repayment plan. Regardless, you must evaluate your finances and develop a budget. Find a consultant or ask your bankruptcy attorney for assistance; in any case, it is crucial that you make payments on time. This will initiate the process of credit repair.
Analyze your expenditures and determine what can be eliminated. If you are not a landowner, you might want to consider moving into a smaller, less expensive apartment. If you own multiple vehicles, can your family get by with just one? These are concerns that can only be answered after careful consideration by each individual and family; the following are simply suggestions to help you regain control of your finances.""
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