Surviving Life after Bankruptcy
They say that whatever doesn't kill you can only make you stronger. Well, if you've filed for bankruptcy and survived this far, it's time to get on with life after bankruptcy. It will probably be tough for a while, but if you take the right steps, you can easily rebuild your credit score and your life. Here's how you can survive after filing for bankruptcy.
First, take stock of what's left to you. If you have non-dischargeable debts, for instance, be sure that you know when and how those debts need to be paid. Staying on top of those debts will only help boost your credit score over time. You'll also want to pay attention to things like your car payment and mortgage if you are still paying on those so that you don't miss any payments.
Next, make a budget. Chances are likely that you got into this scrape in the first place by living beyond your means. With a little ingenuity and sacrifice, just about anyone can live within his or her means. Instead of relying on credit to get you through this time, you should carefully track your income and expenses and stick to a budget that will keep you spending less than what you make.
You want to rebuild your credit, as well, but you need to be careful about how you do it. You won't have the option of running out and applying for a new credit card right away because most credit card companies won't issue you a line of unsecured credit at the moment. However, you can get a secured credit card by putting in a deposit.
This type of card works a little like a debit card, but it is reported to the credit reporting companies, and it can help you rebuild your credit. It's very easy to get a secured credit card if you have enough money for the deposit, but be sure you won't be getting raked over the coals in extra charges and fees every month and every year.
Finally, when you're dealing with life after bankruptcy, you'll just have to have a lot of perseverance. Stay on top of your credit report, and keep trying to get credit where you need it. Pay everything on time as much as you possibly can, and live within your means. Many people end up rising to the challenge and building better credit and a better life after bankruptcy than they had before it.
First, take stock of what's left to you. If you have non-dischargeable debts, for instance, be sure that you know when and how those debts need to be paid. Staying on top of those debts will only help boost your credit score over time. You'll also want to pay attention to things like your car payment and mortgage if you are still paying on those so that you don't miss any payments.
Next, make a budget. Chances are likely that you got into this scrape in the first place by living beyond your means. With a little ingenuity and sacrifice, just about anyone can live within his or her means. Instead of relying on credit to get you through this time, you should carefully track your income and expenses and stick to a budget that will keep you spending less than what you make.
You want to rebuild your credit, as well, but you need to be careful about how you do it. You won't have the option of running out and applying for a new credit card right away because most credit card companies won't issue you a line of unsecured credit at the moment. However, you can get a secured credit card by putting in a deposit.
This type of card works a little like a debit card, but it is reported to the credit reporting companies, and it can help you rebuild your credit. It's very easy to get a secured credit card if you have enough money for the deposit, but be sure you won't be getting raked over the coals in extra charges and fees every month and every year.
Finally, when you're dealing with life after bankruptcy, you'll just have to have a lot of perseverance. Stay on top of your credit report, and keep trying to get credit where you need it. Pay everything on time as much as you possibly can, and live within your means. Many people end up rising to the challenge and building better credit and a better life after bankruptcy than they had before it.
