Life After Bankruptcy - How to Get Your Life Back on Track
Most people believe that filing for bankruptcy is the end of the world; not really.
It just looks and feels like it at the time, but there is life after bankruptcy.
It might be a financial set back, but life after bankruptcy means that you will have to cut down on your expenditure, pay higher interest rates for some time and stick to a very strict budget, which is to say that it will be worth it in the end.
If you have filed for bankruptcy and seek to re-establish credit to buy something you really need say, a car, do not start shopping until the bankruptcy is discharged.
Simply put it off, wait until all your creditors have been paid and you have a documented proof of it.
If your bankruptcy has been discharged, what does life the have in store for you? Here are some few things you can do to help rebuild credit.
Get a secured credit card.
This is a credit card in which the holder places a collateral deposit with the credit card company and the credit limit is equal to the amount of the collateral.
It works for anyone who has filed bankruptcy the same way it does for a person trying to establish credit.
Pay up on time.
Make sure you pay everything on time; this will help prove to creditors that though you had filed for bankruptcy earlier on, you are in a position to pay any debts owed in good time.
Have a new financial mantra.
Most people in their life after bankruptcy fallback into their old habits of impulse buying.
Well, if you are one of them, stop! Pay cash.
Interest buying is now your ex-religion! Ensure that you have and maintain a mantra like this to prevent you from accruing any more debts.
Credit report tracking.
Review your credit report annually or even monthly if you can.
Be keen in looking at the numbers and rates and correct any errors promptly.
You could access such reports online if you cannot reach your bank easily.
You can refinance loans after a year.
If you are able to secure a loan immediately after bankruptcy, see to it that you refinance it a year after your bankruptcy.
Review your loan interest options annually.
This option is recommended for those who make timely payments on their debts.
Plan properly, spend carefully and you'll soon be over it - but remember it's very easy to go back in again so watch your every financial step.
It just looks and feels like it at the time, but there is life after bankruptcy.
It might be a financial set back, but life after bankruptcy means that you will have to cut down on your expenditure, pay higher interest rates for some time and stick to a very strict budget, which is to say that it will be worth it in the end.
If you have filed for bankruptcy and seek to re-establish credit to buy something you really need say, a car, do not start shopping until the bankruptcy is discharged.
Simply put it off, wait until all your creditors have been paid and you have a documented proof of it.
If your bankruptcy has been discharged, what does life the have in store for you? Here are some few things you can do to help rebuild credit.
Get a secured credit card.
This is a credit card in which the holder places a collateral deposit with the credit card company and the credit limit is equal to the amount of the collateral.
It works for anyone who has filed bankruptcy the same way it does for a person trying to establish credit.
Pay up on time.
Make sure you pay everything on time; this will help prove to creditors that though you had filed for bankruptcy earlier on, you are in a position to pay any debts owed in good time.
Have a new financial mantra.
Most people in their life after bankruptcy fallback into their old habits of impulse buying.
Well, if you are one of them, stop! Pay cash.
Interest buying is now your ex-religion! Ensure that you have and maintain a mantra like this to prevent you from accruing any more debts.
Credit report tracking.
Review your credit report annually or even monthly if you can.
Be keen in looking at the numbers and rates and correct any errors promptly.
You could access such reports online if you cannot reach your bank easily.
You can refinance loans after a year.
If you are able to secure a loan immediately after bankruptcy, see to it that you refinance it a year after your bankruptcy.
Review your loan interest options annually.
This option is recommended for those who make timely payments on their debts.
Plan properly, spend carefully and you'll soon be over it - but remember it's very easy to go back in again so watch your every financial step.
