Don’t Let Bankruptcy Hit you Twice

  • David M. Offen,
  •   Bankruptcy
  •   Comments Off on Don’t Let Bankruptcy Hit you Twice
bankruptcy

bankruptcy

You will be faced with many situations once you file for Chapter 7 (or Chapter 13) bankruptcy. As soon as this process is in the past, it is time to get your financial life back in order.

Here is one question you need to answer: which steps will you take to ensure that you don’t file for bankruptcy again in the future?

You went through this once. You don’t want to go through it again. Instead, you should put yourself on the path to a better financial future.

By following this advice, your chance of filing for bankruptcy again is much less:

  1. Don’t use credit cards. This may have been something that got you into trouble in the first place. Rather than pull out your plastic for every purchase, rely on a cash based spending system.
  2. Build an emergency fund. Living with no money in the back is reality for many people. Unfortunately, this can lead to bankruptcy in the event of an emergency, such as a large medical bill or home repair. Continue to build your emergency fund, slowly but surely, until you are satisfied with how much money you have saved.
  3. Stay on top of your progress. Have you checked your credit report to ensure that all the appropriate debts have been discharged? Are you tracking your credit score? Do you have a budget that will keep your spending under control? These are the types of questions you can answer from a progress perspective.

Once you file for bankruptcy and go through the process, you will find yourself in a better financial position. The only thing you need to do now is avoid the same situation in the future.

If you are concerned about what will happen after bankruptcy, now is the time to contact us. We are here to answer all your questions, no matter where you are in the process.

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