You’ve just been through the long and arduous process of filing bankruptcy and now you’re on the other side, but you may be asking yourself what you need to do next? While the world may seem shiny and new after your bankruptcy case has been discharged there are still some ongoing steps that need to be taken in order to rebuild your credit and be financially stable at last. Whether you filed business bankruptcy or personal bankruptcy in Port Charlotte, the bankruptcy attorneys at Miller, Hollander, & Jeda are here to help. Not only do we pride ourselves on assisting individuals and businesses during the bankruptcy process, but we also want to ensure you don’t have to do it a second time. This article discusses practical solutions you can take in order to get your financial life back on track so that you can start living the life you’ve always dreamt of at last.
Save All Of Your Bankruptcy Paperwork
After your bankruptcy in Port Charlotte, your bankruptcy attorney will give you a full copy of your bankruptcy petition. In addition to this detailed assessment of all of your debts that were and were not discharged and your assets, you should receive a notice from the court with the deadlines and your discharge in conjunction with your case. Other documents which you may receive and keep include any education or credit counseling certificates you received. These papers are important to keep if you ever plan on getting a loan such as a mortgage or if any debt collectors try and collect a debt that has already been paid.
Create A Budget & Stick To It
Bankruptcy usually arises when more money is going out than coming in, because of this, it’s essential to create a budget in order to create a financially stable future. There are many resources currently available that can assist you in designing a budget that fits your lifestyle. Whether you want to create a plan with a financial advisor, use a budgeting app like Mint or PocketGuard, or go the old-fashioned route and put pen to paper, there are some basic steps to follow when creating a budget. Payoff.com outlines these 5 simple steps to create a successful budget:
- Calculate Expenses
- Determine Your Income
- Set Savings & Payoff Goals
- Record Spending & Track Progress
- Be Realistic
Pay Ongoing Debts On Time
Even after you file bankruptcy in Port Charlotte there may still be some debts you owe, such as a car loan. If you plan on keeping your car and want your credit to continue to move up, instead of down, you’ll need to make sure you make your payments on time. One way to do this is to set up automatic payments, that way you never miss a payment.
In addition to setting a budget and making sure that your current bills are paid on time, it’s vital to your financial survival that you put some money aside for savings. Create at least one savings for as an “emergency savings” and when you’re able to begin setting money aside for retirement. Additionally, many people find themselves filing personal bankruptcy in Port Charlotte due to impulse buying or buying things on credit. When you have your own money, you’re less likely to make impulse purchases using money you don’t have (credit).
Rebuilding Credit With A Secured Credit Card
When you’re ready and feel like it’s time to start rebuilding your credit, generally around six months after your discharge, you can choose to get a secured credit card after filing bankruptcy in Port Charlotte. A secured credit card allows you to deposit money into an account that you can spend on a credit card. The max amount will be equal to the money you deposit and will need to be paid back in the same way you would a regular credit card. Secured credit cards are reported to the credit bureau just like regular credit cards and if paid off on time is proof that you have a handle on your finances.
For more information about life after bankruptcy or to speak with an experienced bankruptcy attorney about filing bankruptcy in Port Charlotte, contact the law offices of Miller, Hollander, & Jeda today. We are here to answer the complicated questions you have regarding your financial trouble and help you solve your problems. We take pride in helping clients get a fresh start.