If you’re filing for bankruptcy, you can use it as a springboard for a better, happier life. But that means making smart financial choices after the filing process is over.
Tips for Post-Bankruptcy Life
People who file for bankruptcy no longer are viewed as being branded financially untrustworthy; that stigma is dying. “The purpose of filing is a safety valve,” explains resident scholar of the American Bankruptcy Institute, Roger M. Whelan, as quoted by Bankrate.com. Use it as a safety valve, not a carefree escape route.
Here are few tips for navigating post-bankruptcy challenges and steering your life a positive direction after discharge:
- Bankruptcy Tip #1: Live under your means. You’ve heard this time and time again – with good reason. Iit’s the only way to stay out of financial trouble. Budget, stick to it and learn to adopt a more practical lifestyle.
- Bankruptcy Tip #2: Be a good debtor/consumer. Pay all your bills on time. With a little planning and numerous free, electronic bill-paying options, you can ensure your bills are paid on time.
- Bankruptcy Tip #3: Start working on a nest egg. Start putting funds in a savings account for emergencies. Having reserve funds available for unexpected major expenses could prevent later financial hiccups.
- Bankruptcy Tip #4: Rebuild your credit. Don’t be afraid of credit. Learn from any past mistakes, make the decision to be a good borrower and begin taking steps to rebuild your credit, such as getting a credit card or small loan.
- Bankruptcy Tip #5: Focus on the positive. You are working towards a clean slate. Being free from the shackles of debt feels awfully good. Focus on that feeling when the going gets rough.
Help From Bankruptcy Attorneys in Texas
For any of your questions or concerns regarding bankruptcy, contact Warren & Migliaccio. Our legal team can help with your bankruptcy filing. Call us for a no-obligation consultation at (888) 584-9614.