CC Brown Law – Tips for Bankruptcy Recovery

CC Brown Law Tips for Bankruptcy Recovery

Bankruptcy recovery involves trying to retrace your financial life, and usually this starts by making an effort to rebuild your credit. When you declare any type of bankruptcy, it shows up on your credit report that is published by each of the three major credit bureaus. It can remain on your report for up to 10 years and during this time, it may be hard for you to get credit or to do things like buy a house or get a car loan. Still, surely it is possible to recover financially after bankruptcy- and here are 3 tips to do so.

Bankruptcy Recovery Tips:

Once you have recovered through bankruptcy, there are three major things you should do in order to get your life back on track and to obtain estimable financial footing. You must,

Set a budget and stick to it:

Again you shouldn't fall into a debt snare and you need to be able to live fully within your means. Some bankruptcies are caused by events that are really beyond your control- such as medical bankruptcies or bankruptcies due to an unexpected job loss, while others are caused by irresponsible spending. Anyhow whether your bankruptcy was caused by too many vacations or by unexpected medical bills, setting up a budget is essential. As part of that budget, you will want to also put aside money for an emergency fund so that if another bad situation outside of your control happens- you do not have to declare bankruptcy again.

Get credit:

Once you have the confidence that you can live within your means, then you can get credit. The reason you need to do this is because you have to show you can be responsible with credit in order to raise your score. It may be hard to get credit at first, so consider opting for a secured card wherein you guarantee the line of credit with a cash deposit. For example, if you want a credit card with a $1000 limit, you'd have to set aside $1000 in an account with the credit card company to act as collateral.

Use the credit wisely:

Make a single small purchase or two on the card and pay it off in full, every month. Never carry a balance- particularly on secured cards where interest rates can be galactic. You'll also want to make sure you make on time payments so the card can serve the purpose of building your credit.

Bankruptcy and the recovery proceeding is a hard time in your life. It is wise to get help from a qualified attorney throughout the whole process so you can make sure you do everything you comply with all requirements of the court for your bankruptcy and to make sure you can start with a clean slate after you've filed.

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