Three Tips for After Bankruptcy
The personal bankruptcy attorneys at Canterbury Law Group help clients begin a fresh financial future. Not only can the law team at Canterbury help you successfully navigate through bankruptcy, they can also assist with creating a sound financial afterlife.
Here are three tips for those who are ready to improve their financial status:
Regroup – Once your bankruptcy case has been discharged, reflect on your past financial journey. Ask yourself questions that will help you create a better financial afterlife in the wake of bankruptcy, including:
- How did I get here?
- What could I have done differently?
- And what have I learned from all of this?
Create a Realistic Budget and Pay Bills on Time – After bankruptcy, you must become vigilant about your finances. Even if you haven’t created a budget in the past, now is the time to get serious about doing so. Your budget will act as your spending plan, helping you to manage cash flow and preventing you from creating unnecessary debt. Make it a priority to pay all your current bills in a timely manner. Set up automatic bill payments, and remember to pay your rent on time since rent payments are now being tracked by the credit bureaus.
Pick a Credit Card That Will Help You Rebuild Credit – A key strategy to rebuilding your credit rating after bankruptcy is to obtain a secured credit card. With a secured card, you deposit a given amount of money, such as $500, into a bank account and that $500 becomes your credit limit. By charging small amounts each month and repaying your debts as agreed, you can gradually rebuild your credit.
If you have questions about your finances and / or bankruptcy, call Canterbury Law Group today to schedule a consultation. 480-744-7711.