Bouncing Back From Bankruptcy? 3 Strategies For Putting Your Life Together Again

Thursday, July 6, 2017, AM | Leave Comment

If you have just filed for bankruptcy, you may feel like you are starting from scratch when it comes to getting credit.

While this may be true for some, it may still be possible to get approval for credit cards or auto loans.

What can you do after a bankruptcy to put yourself in as strong a financial position as possible?

Bouncing Back From Bankruptcy 3 Strategies For Putting Your Life Together Again

  1. Learn From Your Mistakes

    There is a likely a reason why you had to file for bankruptcy that was within your control.

    If you spent too much money, didn’t have a budget or had trouble remembering to make payments on time, you should work on overcoming those mistakes.

    If your bankruptcy was related to medical debt, it may be worthwhile to look for ways to better manage health care costs if possible.

    Buying insurance or working with doctors who are willing to charge on a sliding scale may be ways to reduce your medical costs in the future.

  2. How Much Money Do You Make?

    If you earn enough money to make debt payments in the future, a lender may disregard your recent bankruptcy filing.

    However, instead of looking to take out a loan right after bankruptcy, it may be best to build an emergency or savings fund instead.

    After that is built up, try to make purchases with cash instead of credit if possible. This will keep your debt load in check and make it less likely that you ever have to file for bankruptcy again.

  3. Work With Credit Lenders

    A bad credit auto lender, like those at BlueSky Auto Finance, works with those who have bad credit or no credit.

    If you have recently filed for bankruptcy, such a lender may be willing to provide a car loan at a reasonable interest rate and other terms.

    Bad credit lenders may be able to work with bankruptcy trustees or other representatives of a bankruptcy court if you need approval to take on new debt.

    Bad credit lenders may also be able to provide personal loans that can be used to pay back taxes, child support or any debt that wasn’t eliminated in the bankruptcy filing.

If you have just emerged from bankruptcy, you may feel overwhelmed at the thought of rebuilding your credit and your life.

However, you should focus on learning from your mistakes and relying as little on debt as possible. If you can do that, you will ultimately be in a stronger financial position in the months and years that follow.

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