Life After Bankruptcy
LIFE AFTER BANKRUPTCY
I DECLARED PERSONAL BANKRUPTCY. WHAT NOW?
Now you have your second chance at being fiscally healthy and you don’t want to blow it. What can you do? The Law Offices of John A. Foscato will counsel you personally on the best approach for your situation, but there are some general guidelines on how to get off to a good start after your debt has been formally discharged.
SOME HELPFUL TIPS
- Start rebuilding your credit by organizing your remaining bills and paying them on time, including rent and utilities.
- Start saving money, even in small amounts. Open a new savings account if you don’t already have one.
- Get smart with your money. Don’t fall for predatory high-interest loans.
- Give a second thought to buying things that you want but don’t really need.
- Develop and write out a budget, and be sure to stick to it.
- Apply for a secured credit card once you’ve saved enough cash to put at least $250 or $500 into it. Charges and payments to this card will be favorably reported to the Credit Bureaus.
- If you need a car, there are dealerships who work with people who have a bankruptcy in their history. Be sure to read the fine print though!
- Obtain a copy of your credit report and ensure that all the information is accurate and up to date.
Last but not least stop beating yourself up! As we’ve indicated many times now, bankruptcy happens to the best of us. Be grateful for your fresh start and embrace the opportunity to set off on a new path while avoiding the circumstances that landed you with difficulties in the first place.
Again, please feel free to call the Law Offices of John A. Foscato with any questions. We’re proud to have helped hundreds of people just like you over the past twenty years!