Landing on your feet after bankruptcy may feel overwhelming. How can you ever expect to be a homeowner or, at the very least, keep your head above water financially? When you start with a fool-proof plan for life after bankruptcy, you will set yourself up for success.
5 Tips for Rebuilding After Bankruptcy
After bankruptcy, you may not feel the freedom you thought you would. Where is the feeling of relief if bankruptcy means a fresh start? Make a plan to rebuild after bankruptcy and become more successful than ever.
1. Apply for a Secure Credit Card: A secure credit card is backed by cash. You present a security deposit to the credit card company, and they can use it to cover any missed payments. Then you can charge the credit card and make on-time payments to build back your credit without the bank feeling like they are taking a risk on you.
2. List Your Earnings Vs. Expenses: Get a clear picture of your finances. You have heard it before, but it’s wise advice to follow. Do not spend more than you earn. If you have expenses on your list that outweigh your income, it’s time to cut out items that are not necessities.
3. Find Small Ways to Save: List your daily expenses, and you may realize that your $8 coffee every morning totals $240 per month! Save money by making coffee at home. Small changes like this can go a long way.
4. Stick to Your Budget: Before bankruptcy, you may have indulged even if you knew you didn’t have the money. Stay strict with your monthly budget during this fresh start to avoid falling into old habits.
5. Make All Payments on Time: Every payment you make can increase your credit score. When paying rent, car payments, utilities, credit cards, and more, send in the money on time each month. Do not ever miss a payment. Before you know it, you’ll be on the road to financial security.
There is hope after bankruptcy. If you take the time to learn new habits, you will surely take advantage of your fresh start and find success.
Let Miles & Hatcher, LLP, help you through a rough patch after bankruptcy. How you navigate this fresh start is imperative to your future financial freedom. Contact the team for a free consultation: (909) 481-4080.
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