Bankruptcy Breakthrough: 5 Ways To Get Back On Your Feet

Tuesday, September 20, 2016, 6:00 AM | Leave Comment

Getting back up after a rough bankruptcy filing is understandably hard for many people.

In a time when they are not only financially vulnerable but emotionally and mentally burned out as well, it’s nearly impossible to gather the strength and prowess to cook up a plan to get you back on track.

Here are five tips on how to deal with the fallout of bankruptcy filing.

Bankruptcy Breakthrough: 5 Ways To Get Back On Your Feet

  1. Keep a Close Eye on Your Credit Report

    Consumers must obtain a copy of their credit reports from all three major credit rating agencies in the U.S. including Equifax, Experian, and TransUnion.

    Check the reports for any inaccuracies and missing information regarding your personal information, such as contact details, employment history, and current address.

  2. Open a Credit Card

    It might feel scary and like déjà vu to secure one of the very tools that caused you to go bankrupt in the first place, but opening a credit card is the best way to reestablish your financial credibility gradually.

    Simply go to your local bank, fill out an application form, and deposit the minimum amount of cash required for a secured account.

    The bank will then be able to provide you with a credit card with a line of credit equal to a specific percentage of your deposited cash.

  3. Let Go of the Shame

    Bankruptcy creates that feeling of guilt and shame inside your mind.

    It’s a stigma that can affect how you see yourself and how you act.

    Know that bankruptcy is not an unusual case. Don’t focus on the situation you are in, instead focus on improving your situation and getting back on your feet.

  4. Create a Budget

    Now that you’ve been given a fresh start, make sure to use it properly.

    Build a strong foundation through a well-detailed and realistic budget plan that lists your monthly income and expenses with accuracy.

    It will be hard to manage every dollar that comes into your bank account, but it’s definitely one of the simplest ways to avoid further financial trouble.

  5. Get Legal Help

    After bankruptcy, you’ve still got a ton of paper trail to deal with. Getting legal assistance from professionals, like Thomas A Corletta, can help with accomplishing the complex tasks ahead.

Be mindful of what you do and what you decide on after bankruptcy. Make sure that your decisions come from logic and reasoning, not from emotions that are subject to inaccuracies and unreasonableness.

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