Recovering After Bankruptcy

Filing for bankruptcy can be a life-altering experience

, and while it can complicate things, its important to know how to start to recover. Weve talked about ways to re-establish your credit and how to buy a home after filing for bankruptcy, but filing can be as emotionally draining as it is financially. Have no fear, you can get your life back as soon as youve filed.

Take Control of your Financial Future - Dont let bankruptcy get you down, thousands before you have filed and many more will file after you. It happens. Instead of acting like a victim of bankruptcy, use it as a way to take control of your financial future. Now that youve filed, you can wipe away the stress of dealing with creditors and late notices. Take a deep breath, and realize youve been given a fresh start. Yes, it will be more difficult to borrow after bankruptcy, but you can speed up the recovery process.

Create a Budget you will Stick to - Budgeting should absolutely be taught in grade school. There are more and more adults that dont know how much theyre spending each month, which can become a problem very quickly. After filing for bankruptcy, set up a detailed budget for yourself. Dont be unrealistic, but do make sure you set your financial goals within your means.

Start Re-establishing your Credit - If you ever plan on buying a house or borrowing money again, youll need to get back up on the horse. Borrowing doesnt need to be intimidating, but you shouldnt wait until you absolutely need a loan. For instance, dont wait until your car is dying to decide to take out a loan. Get started on credit cards, however do not carry a balance. Carrying a balance on a credit card can be very dangerous, since many of them compound interest at extremely high rates. If youve filed for bankruptcy recently, your interest rate will likely be very high and unmanageable. Never carry a balance on these cards, since it can easily spiral you into debt.

Empower Others to Take Control - Once youve decided to take control of your financial future, empower others to do the same. Talk openly about your bankruptcy, if youre asked and try to help others avoid following in your footsteps. When you can recognize where you made your mistakes, youre much more likely to avoid them in the future.

If you're considering filing for bankruptcy, please contact a San Antonio bankruptcy lawyer to learn more about your options.

by: Davis Law

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