Is there life after bankruptcy?

The answer is yes.  Yes there is life after bankruptcy.

Although the thought of Bankruptcy was frightening in the beginning, you have now gotten past your filing and through to the other side.  What does the other side of bankruptcy look like?  Well once you have finalized your bankruptcy with our attorneys, you will find that confronting your financial burdens head-on can be quite rewarding.  If you filed Chapter 7 protection your debts will be discharged, releasing you from the daily stress of creditor phone calls and harassment.  Or, a repayment plan is now in place if you filed a Chapter 13.  Free of debt or on the road to repayment with a payment plan, either way, you can now begin to rebuild your financial future without the weight of the world on your shoulders.

What to expect

A bankruptcy filing will initially affect your credit record, so you can expect to have limited access to credit initially, at higher than normal interest rates.  But if you carefully establish a reasonable amount of credit and pay it off regularly, your credit history will slowly improve with time.  As part of your bankruptcy you are required to attend a financial management class.  It is wise to pay close attention and use the tools you learned to budget now that you have been able to eliminate your debts.  By always spending less than you make and keeping track of your expenditures, you should be able to keep your finances in good order.  Any new credit you do establish should be used as little as possible.

Recovering from bankruptcy

To succeed financially after a bankruptcy requires hard work and taking responsibility for your income and expenses.  One of the most important aspects to financial freedom is a steady source of income.  Locate and keep a good job, or if you are an entrepreneur, create a business that will provide you with more than enough income for your expenses.  Use your credit as little as possible, if at all.  If you use it only for the purpose of establishing credit, and repay it every month, you will soon be on your way to being able to responsibly handle your finances.  If you wish to purchase something, earn it before you buy it.  Establish a budget to track where your money is going.  It makes it easier to cut back expenses when necessary if you can see where you money is going.  Lastly, establish a savings account to have an emergency fund in case you have an unexpected expense.

By implementing the credit counseling tips, and staying within your budget, you can begin the process of financially rebuilding your future.

[gravityform id=”2″ name=”What’s Next? Take The First Step.”]

There is life after bankruptcy, and ABL: Bankruptcy attorneys are here to assure you of that.