After choosing to file for bankruptcy there is much to be completed via the court system. Although, with a professional bankruptcy attorney this process can be quite simple, and will ease your stress one day at a time. So the next step after choosing to file for bankruptcy, and finding an experienced bankruptcy attorney, is to start thinking about your financial future.
Initially after filing, you may start to receive loads of offers for new credit cards, loans and other credit type applications in the mail or online. The best advice regarding the gathering of more credit in this way is – ‘throw the offers out’. There are several other ways in which to start re-building your credit after filing for bankruptcy.
First, placing five hundred dollars or more into a savings account is positive step. It may take saving ten to twenty dollars per paycheck for awhile to gather this amount. Then open your savings account and place the money inside. After a month or two ask the same bank you have your saving account with, to offer you a loan for the five hundred dollars.
Most banks will put a hold on the money in the savings account until it is paid back in full, so that they have collateral for the loan. This is referred to as a ‘secured bank loan’. Pay this loan back in full and on time. With this success, you are beginning to walk down the road to a healthy financial future.
The second step you can take in beginning your debt-free life is to continually pay all of your utility, and rent/mortgage bills on time and in full. This seems like a small task, but credit companies will reward you for this effort.
Next be sure not to make large purchases that you cannot pay for within a certain amount of time. Most all individuals desire items that they know they can’t pay for up front. If you do end up purchasing an item on credit, be sure that you will be able to make the monthly payments in full and on time each and every month.
If you feel that you may not be able to fulfill these payments, don’t purchase the item. The last thing anyone wants after filing for bankruptcy is to end up in the exact same position they were prior to their filing.
Lastly, avoid using credit cards, and stick to a bank debit card. With a bank debit card, you can only make purchases within the given amount you have stocked away in your checking account. This means no interest payments and no late fees. Buffer your account by never spending more than what may leave, let’s say, seventy five dollars in your account. This will keep overdraft fees from sneaking up on you, which are often pricey and difficult to pay back immediately.
In living a debt-free life after filing for bankruptcy you will even start to feel differently. Your stress level will be eased, and you can feel like you are starting fresh. When choosing to file for bankruptcy, be sure to consult with a Killeen bankruptcy attorney. These professionals can get your paperwork filed quickly and efficiently, getting you started down the road to your new financial future.
Jeff Davis is the Owner of the Davis law firm and a highly experienced Waco and Killeen bankruptcy attorney. To find out more information about a Waco or Killeen bankruptcy lawyer, please visit www.jeffdavislawfirm.com.